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.
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