**From:** paul cockshott (*clyder@GN.APC.ORG*)

**Date:** Tue Nov 11 2003 - 05:39:07 EST

**Next message:**gerald_a_levy: "(OPE-L) Re: accounting for productive and unproductive labour]"**Previous message:**ajit sinha: "Re: (OPE-L) indirect labor, the real wage, and the production of surplus value"**In reply to:**Philip Dunn: "(OPE-L) Re: Dynamic value and natural price"**Next in thread:**Philip Dunn: "(OPE-L) Re: Dynamic value and natural price"**Reply:**Philip Dunn: "(OPE-L) Re: Dynamic value and natural price"**Messages sorted by:**[ date ] [ thread ] [ subject ] [ author ] [ attachment ]

> > To measure it we need to do a least squares fit to price data: > > minimize with respect to x the square of (y - Mx) > > where x is a vector of hourly natural real wage rates, y is a vector > of recognized labor activity, measured by money, expressed in hours. > > In other words y is equal to a vector of firms' absolute value added > (nominal value added in dollars times the absolute value of money). > M is a matrix. The element M(f,t) gives the hours worked in firm f > by workers of skill type t. We need to have the number of firms much > greater than the number of skill types to get a good fit. > > The dimensions of y and M are hours. x is dimensionless -- wages > measured in money hours divided by clock hours. > > ------------------------------------------------- > Whatdo you expect these xs to be, >1 or <1? Phil: I would expect them to be dispersed around a mean of 1, but I have not tried prove that yet. ----------------------------------------- That would surprise me since wages on make up part of the value added. If you did get a mean of 1, you would now have a measure of exploitation by comparing your 'natural real wages' with the wages actually paid.

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