me: >> unit labor costs = total labor costs (including benefits & payroll >> taxes)/quantity = (labor cost per worker)/(output per worker) (or per >> hour or whatever)
Sandwichman: > However the labor costs are NOMINAL labor costs, not REAL (i.e., > adjusted for inflation). right. The BLS, etc., use ULC as an indicator of what's going to happen to prices. In a simple model (that works better than the standard Monetarist model, but still not well), the average price level is a constant mark-up over ULC, plus unit raw-material costs. of course, if one _wants to_, it's easy to calculate real unit labor costs. It's inversely related to the "rate of surplus value." -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list pen-l@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/pen-l
