Duncan
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This points up the importance of the coefficient I called the "value of
money" (hours/$) and others prefer to call the "monetary expression of
value" ($/hr) relating money and labor time magnitudes. In my work on
value theory I have (along with Gerard Dumenil) tried to argue that this
should be defined as the ratio of the living labor time to the value
added in production in a given period.
Paul
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this, of course, is the measure that one tries to estimate per industry
when working with i/o tables to estimate values.