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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