>Ajit writes: >If something is "given", then you must know it. So could you tell us >what is the >value of m in the US these days? Since you have already admitted >that you don't know >what that "given" m happens to be, nor do you know what determines >it, then in plain >English you are claiming that your "m" is unknown. This is what people mean by >unknown in mathematical formulations. An unknown does not mean it is >unreal, i.e. >that it does not exist. It only means that we do not know its value, >which is what >you have admitted repeatedly with respect to m. Thus your above >equation has two >unknowns. Cheers, ajit sinha The current rate of nominal GDP is $9.3 trillion/year, and current U.S. employment is about 133 million, so the U.S. MELT is about $70,000 per worker per year. I tried to find hours per year for the U.S. labor force, but I couldn't. It must be roughly 1900-2000 hours per year, so this works out to about $35/hour. Duncan -- Duncan K. Foley Leo Model Professor Department of Economics Graduate Faculty New School University 65 Fifth Avenue New York, NY 10003 (212)-229-5906 messages: (212)-229-5717 fax: (212)-229-5724 e-mail: foleyd@cepa.newschool.edu alternate: foleyd@newschool.edu webpage: http://cepa.newschool.edu/~foleyd
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