[OPE-L:2480] Re: RE: Welfare functions

From: Allin Cottrell (cottrell@ricardo.ecn.wfu.edu)
Date: Fri Mar 03 2000 - 22:56:38 EST

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On Fri, 3 Mar 2000, Gerald Levy wrote:

> > I believe it will be very useful for
> > planners and populace to have an explicit measure of the labour
> > time required to produce things, and that minimizing labour-time
> > in the production of any given vector of goods is a reasonable
> > first-order approximation to achieving efficiency...

> But, how reasonable is it?
> If one uses the criteria of the minimization of necessary labour-time as
> the means to increase efficiency, then doesn't one minimize necessary
> labour-time by maximizing the intensity of labour, ceteras paribus?

Please, Gerry, a little credit! Minimizing intensity-adjusted
labour-time is the idea.


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