Jerry wrote > In practice, I think that most Marxian empirical > work has taken place under the assumption of > "intensity-adjusted" labor hours. In practice, > though, I think this is simply assuming away the problem of variations in > the intensity of labor internationally rather than making a real > adjustment. If that is the case, then what has > been measured with NIPA data by Marxians > is not SNLT and is not a measurement of > value. I entirely agree with Jerry on this point. In the Marxian empirical studies, "monetary expression of labor hour(MEL)" is usually calcualted as (total value added)/(total labor hour). Unless the magnitude in denominator is adjusted considering intensity & skill differences across sectors, this MEL can only indicate the mapping between money sum(value added) and clock-hour. Can one clock-hour be regarded as one abstract labor without explaining the quantitative relation between them? Or can it be validated statistically? Dong-Min Rieu Dept. of Economics, Chungnam National University 220 Kung-Dong, Yusong-Gu, Taejon 305-764, Korea(S.) rieudm@cnu.ac.kr http://business.cnu.ac.kr/~dmryu
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