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"what we collectively find valuable" The mystic approach to markets. What determine the wage of a job is scarcity or abundance of people available to do that
by RobertoG 11y ago
"what we collectively find valuable"
The mystic approach to markets.
What determine the wage of a job is scarcity or abundance of people available to do that job. Multiply by one hundred the number of doctors or programmers and you will see "how valuable" their job is.
You can apply that to the economy in general. Keep a few millions without job and you will see how you don't need to pay so much to the lucky that have a job.
- Chris2048 11y ago> Multiply by one hundred the number of doctors or programmers and you will see "how valuable" their job is. The reason there is a scarcity is precisely the fact that multiplying availability is not easy, i.e. training is long and/or hard and/or expensive. If you find yourself in a lucrative, scarce job, just make sure it's hard enough that it will always be that way...