Note 20 — Chapter II · ADAM SMITH’S PHILOSOPHICAL OR PRIMITIVE ACCOUNT OF VALUE.
Reading edition
In this instance the word “standard” is used in a sense sufficiently general to include a regulator (i. e., a measuring cause) and a mere measure. A standard is “1. Any measure of extent, quantity, quality or value.” ... “2. Any fact, thing or circumstance forming a basis for adjustment and regulation.” Standard Dictionary.