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Why Garbagemen Should Earn More Than Bankers
- pessimizer 10y agoThe larger the ratio of the size of the financial industry to the size of the productive economy at the same standard of living, the less efficient the economy is. Growth in the financial industry is like growth in the amount of oil you have to add to keep your engine from seizing up.
- ultrasociality 10y agoSounds about right. There's a strong argument that the bigger the size of the financial industry the less innovative and the more extractive an economy becomes.
- gozur88 10y agoJust because you don't understand the value someone provides to society doesn't mean they don't provide any. That's why planned economies don't work.
- ultrasociality 10y agoAll economies are planned in some way. That's just human history. Once you get to a certain level of large scale organization it's impossible to avoid some level of centralization.
- gozur88 10y agoBut not to the level where bureaucrats pick wages. That way lies poverty and strife.
- kwhitefoot 10y agoThen they shouldn't pick rules on who gets the right to strike either.
- gozur88 10y agoWho does that? In the US only government employees and "essential" services don't have the right to strike. That's the deal when you work for the government, and you know it going in.
- panic 10y agoIt seems to me that the bankers were just as necessary to the Irish as garbage workers were to New Yorkers. Why couldn't the people of New York set up their own program for trash disposal just like the Irish set up their own replacement banking system?
- ultrasociality 10y agoBecause it's a job most people don't want to do and that has little reward?