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Labor was the first price, the original purchase-money that was paid for all things.

Adam Smith

Adam Smith

LaborMoney

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In regards to the price of commodities, the rise of wages operates as simple interest does, the rise of profit operates like compound interest.

Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.
— Adam Smith
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Labor was the first price, the original purchase - money that was paid for all things.
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This is not just broad-back manual labor. These are companies that can make a lot of money and provide excellent jobs if they can find that talent. And if they don't, they could easily collapse.
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