One of the mysteries of the English language finally explained.
An item or commodity acting as a measure of value or as a standard for currency exchange.
- ‘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.’
- ‘No one knows how long savers will continue to accept a depreciating monetary unit as numeraire for their savings.’
- ‘Labor can be a numeraire of profits, but that hardly justifies the labor theory of value, because many things can be numeraires.’
- ‘Money therefore appears to be just a mere numeraire.’
- ‘This constraint is also essential for defining a numeraire, that is the monetary expression of one hour of labour.’
1960s: from French numéraire, from late Latin numerarius, from Latin numerus ‘a number’.
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