Re: [Pen-l] The Irrelevance of Workers In Economic Theory

[Les Schaffer <schaffer@xxxxxxxxxxxxx>]

Michael Perelman wrote:
> My reference was to a much more superficial problem.  Economists can theoretically 
> measure transactions via prices, but how can you measure labor?  Economists do 
> sometimes attempt to measure aggregates of human capital by statistical inference, 
> but they are pretty lame.  Certainly nobody can measure the human capital of 
> individuals.  Even in sports, where there are quantative measurements, coaches talk 
> about intangibles.
what do you mean by measure labor? time spent design/building X? 
calories burned doing Y? resources put into motion by hands and brain 
creating  Z?

Les
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