[OPE-L:3958] Re: Re: Re: Re: Re: m in Marx's theory

From: Duncan K. Foley (foleyd@cepa.newschool.edu)
Date: Wed Oct 04 2000 - 21:58:53 EDT

>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 K. Foley
Leo Model Professor
Department of Economics
Graduate Faculty
New School University
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