From: Michael Perelman (michael@ECST.CSUCHICO.EDU)
Date: Tue Apr 10 2007 - 14:12:16 EDT
I suspect that I was not clear. Paul said that you could measure SNLT by using market prices of labor. On Tue, Apr 10, 2007 at 01:28:22PM -0400, Allin Cottrell wrote: > On Tue, 10 Apr 2007, Michael Perelman wrote: > > > If market prices are good enough to measure value, why not just > > use market prices & forget about value? > > To even arrive at the idea that "market prices are good enough to > measure value", it is necessary to calculate values independently. > > Then, if it turns out (as it does) that the two are pretty close, > one can indeed use prices as a reasonable approximation to values > for empirical purposes. > > Or didn't I understand your question? > > Allin. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
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