First, prices per se are irrelevant. The ratio of labor price to goods&services price is relevant.
Second, the labor / goods&services price ratio itself is irrelevant, as measured in the short term. What is relevant is the long term outlook of this ratio. See eg the Dutch Disease.
Third, even the long term labor / goods&services price ratio is irrelevant. Not everything in this world is, or should be, reducible to simplistic financial value.
One way to approach the underlying intuition is in terms of homeostasis, at nation state level.
Second, the labor / goods&services price ratio itself is irrelevant, as measured in the short term. What is relevant is the long term outlook of this ratio. See eg the Dutch Disease.
Third, even the long term labor / goods&services price ratio is irrelevant. Not everything in this world is, or should be, reducible to simplistic financial value.
One way to approach the underlying intuition is in terms of homeostasis, at nation state level.