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Agreed; as I commented in my post, the problem is one of measurement
rather than causation.
Cheers--and happy apparently no-Y2K bug--millenium! (I didn't want to see a
serious Y2K effect, since if one occurred then in eons hence, revisionist
economists would blame the approaching Wall Street meltdown on the Y2K bug,
and not the market's inherent instability),
Steve
At 10:33 1999-12-30 GMT, you wrote:
>At 11:34 28/12/99, ope-l@galaxy.csuchico.edu wrote:
>>
>>
>>I think that Steve and Ajit seem to agree that the degree
>>to which skilled labor creates value can only be determined
>>ex post. If true, this would contradict to Fred's
>>idea that abstract labor is totally independent of price.
>>That is, we can only know the amount of abstract labor
>>involved by looking at prices.
>>
>There seems to be an epistemological confusion here. The issue
>of whether abstract labour determines prices is logically distinct
>from the question of how we empirically measure skilled labour
>multipliers.
>
>The amount of abstract labour involved may, on Freds assumption,
>determine the prices. The fact that one can only measure something
>by its effects does not mean that the thing itself does not exist
>independently of its effects.
>
>I need a ampmeter to measure a current, but the current does not
>depend upon the ampmeter.
>
>
>
>Paul Cockshott (clyder@gn.apc.org)
>
>
Dr. Steve Keen
Senior Lecturer
Economics & Finance
University of Western Sydney Macarthur
Building 11 Room 30,
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PO Box 555 Campbelltown NSW 2560
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Home Page: http://bus.macarthur.uws.edu.au/steve-keen/
Workshop on Economic Dynamcs: http://bus.macarthur.uws.edu.au/WED
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