Re: [OPE-L] monetary macro interpretation

From: Ian Wright (wrighti@ACM.ORG)
Date: Fri Jun 02 2006 - 03:01:05 EDT


You asked:
> "how do national accountants get from observed PRICES to a macroeconomic
> aggregate of "gross VALUE added"? which is a kind of inverse transformation
> problem.

To translate from prices to labour values we need a MELT. I asked
whether the average wage rate might do the job.

You wrote:

> and I fail to see the point of dividing the net product by the wage rate.

I was thinking that dividing the net product by the wage rate will
give an estimate of the labour value of the net product. Is there
something theoretically unsound about this? Or is there a practical
accounting problem?

Best wishes,

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