2 — LaRouche’s Physical Economic Metrics, Part I: Productive Powers of Labor vs Jobs


October 11, 2017 — How do you measure the growth and progress in an economy?  Textbook economics notions of GDP, market analysis, and monetary theory fail to provide a measure of true progress or decline.  Economics is fundamentally a physical process, and we start by understanding the role of technologies and machinery in improving the productive powers of labor.

 

Assignment: Define how you would measure the capital intensity aspect of the iron productivity case study. Choose a sector of production. How has the capital intensity changed in the last 20 years? The last 150 years?

Reading for next class: webcast keynote “Gifts of Prometheus

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