Labour, therefore, it appears evidently, is the only universal, as well as the only accurate, measure of value, or the only standard by which we can compare the values of different commodities, at all times, and at all places.
Again - see above. This is a huge problem for Smith and later classical economists, since it opened the door to the fallacious Marxist writings on the subject, especially his "exploitation" theory.
But I still want to defend Smith's use of labour as meas…