[OPE-L:3962] Re: Re: Re: Re: Re: Re: m in Marx's theory

From: Ajit Sinha (ajitsinha@lbsnaa.ernet.in)
Date: Thu Oct 05 2000 - 02:10:30 EDT

Duncan K. Foley wrote:

> >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


I know you have a perfectly legitimate way of determining your "m". But Fred cannot
do it. For him the nominal GDP is an unknown in Marx's formulation. So he is stuck
with two unknowns with one equation. Cheers, ajit sinha

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