Definition of numeraire in English:
An item or commodity acting as a measure of value or as a standard for currency exchange.
- Money therefore appears to be just a mere numeraire.
- More practically, income could be measured as the money value, or value in some other numeraire, of the goods and services directly yielding utility, but only of those.
- Labor can be a numeraire of profits, but that hardly justifies the labor theory of value, because many things can be numeraires.
Definition of numeraire in:
- British & World English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.