Saturday , January 19 2019
Home / Post-Keynesian / William Nordhaus, 2018 “Nobel” Laureate, On Labor Values

William Nordhaus, 2018 “Nobel” Laureate, On Labor Values

Summary:
Suppose one wants to quantitatively measure the growth in productivity over centuries. And one wants to look at specific commodities that can be said to have existed over such a long time. Think of a lumen of light or a food calorie. How can one do this? The definition of a price index over such a long time period is questionable. Adam Smith addressed this problem. Some would find his approach common sense. One could ask how long must a common laborer work to be able to afford the commodity in question. More recently, William Nordhaus considered the question. He, too, advocated the use of a Smithian labor-commanded standard to measure technological change. (I haven't read the reference below in decades.) William D. Nordhaus (1997). Traditional Productivity Estimates are Asleep at the

Topics:
Robert Vienneau considers the following as important:

This could be interesting, too:

Jodi Beggs writes Economists Do It With Models 1970-01-01 00:00:00

John Quiggin writes What do we do with a problem like #Adani

Michael Pettis writes What Is GDP in China?

Mike Norman writes Richard Murphy — Why Bill Mitchell is simply wrong on modern monetary theory and imports and exports

Suppose one wants to quantitatively measure the growth in productivity over centuries. And one wants to look at specific commodities that can be said to have existed over such a long time. Think of a lumen of light or a food calorie. How can one do this? The definition of a price index over such a long time period is questionable.

Adam Smith addressed this problem. Some would find his approach common sense. One could ask how long must a common laborer work to be able to afford the commodity in question. More recently, William Nordhaus considered the question. He, too, advocated the use of a Smithian labor-commanded standard to measure technological change. (I haven't read the reference below in decades.)

Leave a Reply

Your email address will not be published. Required fields are marked *