In reply to Michael's OPE-L:5015:
>Duncan wrote:
>> >general equivalent form.) If we look at an economy over a specific
>period,
>> >we can in principle (subject to a number of problems about measurement
>of
>> >labor, reduction to simple labor, and distinction between productive and
>> >unproductive labor) observe how much labor time was expended.
>
>Michael W
>
>What do you think of the suggestion that your parenthetical problems are
>repeatedly resolved in reality by the operation of markets (factor markets
>as well as output markets)?
Yes, but not through the formation of wages.
Cheers, Duncan
Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
(212)-854-3790
fax: (212)-854-8947
e-mail: dkf2@columbia.edu