Product grades are established in many economic sectors. A grade is an attribute defined by requirements and helps buyers and producers differentiate among offerings. 
Why doesn't the translation sector use grades? Because we are behind the times.

Some say grades are another name for quality levels. Not so! A low level of quality allows chaos. Each grade is fit for purpose and brings order.

This panel discussion will begin with a proposal for three translation grades, each tied to a set of scenarios and minimum levels of correspondence and fluency. Grades are defined independently of methods of production and are likely to remain stable as technology evolves. After discussing the proposed grades, the panelists will identify how they can currently be obtained. Sometimes, raw NMT delivered directly to the consumer meets the requirements associated with a grade. Sometimes a human touch is necessary. 

For the consumer of translation products, a further simplification is needed. It will be proposed that everything should be labeled as either HT (human translation) or MT ([raw] machine translation). This is a matter of consumer protection, analogous to the right to know whether a food contains gluten. It is also a matter of safety. Some mistranslations can cause injury or even death. 
Both current consumers and the next billion consumers of translations need grades in the background and labels in the foreground.

The sequence of identifying a scenario, selecting a minimal grade for that scenario, and then identifying methods of producing that grade naturally leads to a rational discussion of pricing based on grade.

Translation grades must be standardized to be most useful. The concept of translation grades will be incorporated into the next version of the ASTM International translation standard (F2575) so that everyone in the translation sector and profession can use the same grades.