Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: smolejv@gmx.net who wrote (27010)	1/7/2003 12:50:46 PM
From: Maurice Winn	Read Replies (1) of 74559

Valuing the US$. <well, you probably mean production hour > No, I just mean a working hour, without measuring production. Just add up all the pay rates that can be identified [excluding zero such as voluntary workers]. Nobody is paid 1c per day. There's a step up to the lowest pay rates which are currently something like $1 a day = 10c an hour, for poor people in India and Africa. Then, go to the median pay rate and define that as a dollar. That's more or less what they do anyway, using goods and services as a surrogate for that. Which gets us back to that production hour you mentioned. Employers don't employ people to do nothing [intentionally], so there's no need to count their production. Leave that to the employers to worry about. Those who fail to get production will soon be out of business. On reflection, there's no reason why voluntary workers and voluntary layabouts doing nothing shouldn't be counted too. They seem economically neutral to me, just like monkeys living out there in the forest, so why bother counting them. They'll just dilute the count. Yes, on more reflection, excluded them. No money, no count. Mqurice

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