This essay investigates the meaning of “nominal prices” in Adam Smith’s the Wealth of Nations, its contraposition to “real prices,” and the impact of Smith’s nominal prices upon his assessment of the prices of wheat over the centuries. I also consider measure and value in the Wealth of Nations as well as Smith’s threefold standard of measure: labor, wheat, money. Smith chose an unusual measure to investigate prices over time, with nominal prices being referred to a specific quantity of silver. This raises questions about the possible impact of centuries-old debates over debasement and the value of money on Smith’s measurement of value across times.
