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