Ajit Sinha (ajitsinha@lbsnaa.ernet.in)
Mon, 27 Dec 1999 16:50:02 +0530
Steve Keen wrote:
> Ajit asks:
>
> >So, Steve! What is the quantitative solution to the problem? Have a happy
> >millennium everybody! Cheers, ajit sinha
> >
>
> The catch is, there is no quantitative solution! Or at least no ex-ante
> formula. The value ("wage"/"cost of education") of skilled labor is
> unrelated to its use-value (value-creating capacity), just as the value of
> unskilled labor is unrelated to its use-value. Marx simply assumed a s/v
> ratio for the latter (normally of 100%), and the same applies to skilled
> labor.
>
> There are a few nuances of course--such as that skilled labor is more
> likely to have market power and therefore to be able to get an
> exchange-value (wage) which exceeds its value.
____________
I wonder what is the serious theoretical problem in accepting a long-term
soci-historically determined wage differentials between what is considered
unskiled work and various skilled works as the multiple factors? I have very
little doubt that both Ricardo and Marx thought that this was a easy and good
way of doing it. Anythoughts? Cheers, ajit sinha
>
>
> Cheers,
> Steve
> Dr. Steve Keen
> Senior Lecturer
> Economics & Finance
> University of Western Sydney Macarthur
> Building 11 Room 30,
> Goldsmith Avenue, Campbelltown
> PO Box 555 Campbelltown NSW 2560
> Australia
> s.keen@uws.edu.au 61 2 4620-3016 Fax 61 2 4626-6683
> Home 02 9558-8018 Mobile 0409 716 088
> Home Page: http://bus.macarthur.uws.edu.au/steve-keen/
> Workshop on Economic Dynamcs: http://bus.macarthur.uws.edu.au/WED
This archive was generated by hypermail 2.0b3 on Mon Dec 27 1999 - 07:00:03 EST