5 ms·

If their contribution is greater, then why isn't somebody willing to pay them more? If there was such a trove of hidden value, you would think that some greedy

by codexon 16y ago

If their contribution is greater, then why isn't somebody willing to pay them more? If there was such a trove of hidden value, you would think that some greedy capitalist would snap it up and exploit it. Because a capitalist would prefer to pay nothing of course. Scientists like Einstein don't get rich while millions or even billions are made off the foundation of their discoveries.

lionhearted 16y ago
> Because a capitalist would prefer to pay nothing of course. Not true - all of the best businessmen I know quite like to pay people, and pay them well. A mentor of mine runs one of the most profitable architectural firms in the Middle East, he always talks to me about the difference between the "going rate" and "staying rate" - he prefers to pay 20% to 40% above market, sometimes double the market rate in salary and bonuses and he has an insanely high rentention rate in a competitive field. Whenever I had people contract or work for me, I either paid them considerably above market, or otherwise worked to get them ridiculously good compensation - I worked to get them good compensation by their own standards and goals, whether it was travel, training, getting to work on really really fucking cool projects most of the time so work didn't even feel like work... and so on. Short-sighted people like to screw people. Brilliant people like to compensate well. > Scientists like Einstein don't get rich while millions or even billions are made off the foundation of their discoveries. Einstein was probably a bad example to pick of that - his lifetime compensation was sky high. He didn't get as much as, say, J.P. Morgan, but he was loved and adored by a great many people, was a renowned and honored guest anywhere in the civilized world, and basically was able to live the quality of life of a multi-millionaire as he chose. It's like being President of the USA - Presidents don't make all that much money, but make incredibly high compensation overall.
- codexon 16y ago
  Not true - all of the best businessmen I know quite like to pay people, and pay them well. They do that because they are __required to__ in order to retain talent and competitiveness. If they could get it for free, you can bet they would. Why do you think so much outsourcing is happening? And Einstein was not a bad example to pick out of that. His contributions possibly number in the trillions, yet his salary was quite low. http://webcache.googleusercontent.com/search?q=cache:xCDZxEcRvLYJ:online.wsj.com/article/SB20001424052748703906204575027503446091776.html+einstein+salary&cd=6&hl=en&ct=clnk&client=firefox-a http://webcache.googleusercontent.com/search?q=cache:xCDZxEc...
  - lionhearted 16y ago
    > They do that because they are __required to__ in order to retain talent and competitiveness. If they could get it for free, you can bet they would. You'd be surprised - often it's more cost effective to pay people than to try to get them for free. You get a different quality of work, support, and dedication. Ever had an unpaid intern? They take up more time than they're worth. Free labor is very expensive... > And Einstein was not a bad example to pick out of that. His contributions possibly number in the trillions, yet his salary was quite low. Salary is a part of compensation, but not all of it. Again, the U.S. President makes something like $400,000 per year, but his total compensation including prestige, perks, fame, power, etc, etc is one of the highest in the USA. Salary is not the only form of compensation. Money/direct monetary benefits is not the only form of compensation. When you can eat anywhere for free, and stay in any hotel or palace as an honored guest for free, you don't really need so much money any more. Einstein was on that level for the latter half of his life.
    - codexon 16y ago
      You'd be surprised - often it's more cost effective to pay people than to try to get them for free. You get a different quality of work, support, and dedication. Ever had an unpaid intern? Please reread my sentence which you've just completely ignored. Unpaid interns obviously don't have the talent that most people want. But despite that, people still want them! When you can eat anywhere for free, and stay in any hotel or palace as an honored guest for free, you don't really need so much money any more. Einstein was on that level for the latter half of his life. Einstein could do that, but with what stipulation? Most likely that he had to give a speech. He can't just go to a multiple month luxury resort free of obligations that any billion-air mogul can today. And again, what is the value of these free meals and visits that can only be offered to you first? I would peg that at around $20 million at most, which pales in comparison to the billion dollar industries that have resulted from his discoveries.

by codexon 16y ago

lionhearted 16y ago

> Because a capitalist would prefer to pay nothing of course. Not true - all of the best businessmen I know quite like to pay people, and pay them well. A mentor of mine runs one of the most profitable architectural firms in the Middle East, he always talks to me about the difference between the "going rate" and "staying rate" - he prefers to pay 20% to 40% above market, sometimes double the market rate in salary and bonuses and he has an insanely high rentention rate in a competitive field. Whenever I had people contract or work for me, I either paid them considerably above market, or otherwise worked to get them ridiculously good compensation - I worked to get them good compensation by their own standards and goals, whether it was travel, training, getting to work on really really fucking cool projects most of the time so work didn't even feel like work... and so on. Short-sighted people like to screw people. Brilliant people like to compensate well. > Scientists like Einstein don't get rich while millions or even billions are made off the foundation of their discoveries. Einstein was probably a bad example to pick of that - his lifetime compensation was sky high. He didn't get as much as, say, J.P. Morgan, but he was loved and adored by a great many people, was a renowned and honored guest anywhere in the civilized world, and basically was able to live the quality of life of a multi-millionaire as he chose. It's like being President of the USA - Presidents don't make all that much money, but make incredibly high compensation overall.

codexon 16y ago
Not true - all of the best businessmen I know quite like to pay people, and pay them well. They do that because they are __required to__ in order to retain talent and competitiveness. If they could get it for free, you can bet they would. Why do you think so much outsourcing is happening? And Einstein was not a bad example to pick out of that. His contributions possibly number in the trillions, yet his salary was quite low. http://webcache.googleusercontent.com/search?q=cache:xCDZxEcRvLYJ:online.wsj.com/article/SB20001424052748703906204575027503446091776.html+einstein+salary&cd=6&hl=en&ct=clnk&client=firefox-a http://webcache.googleusercontent.com/search?q=cache:xCDZxEc...
- lionhearted 16y ago
  > They do that because they are __required to__ in order to retain talent and competitiveness. If they could get it for free, you can bet they would. You'd be surprised - often it's more cost effective to pay people than to try to get them for free. You get a different quality of work, support, and dedication. Ever had an unpaid intern? They take up more time than they're worth. Free labor is very expensive... > And Einstein was not a bad example to pick out of that. His contributions possibly number in the trillions, yet his salary was quite low. Salary is a part of compensation, but not all of it. Again, the U.S. President makes something like $400,000 per year, but his total compensation including prestige, perks, fame, power, etc, etc is one of the highest in the USA. Salary is not the only form of compensation. Money/direct monetary benefits is not the only form of compensation. When you can eat anywhere for free, and stay in any hotel or palace as an honored guest for free, you don't really need so much money any more. Einstein was on that level for the latter half of his life.
  - codexon 16y ago
    You'd be surprised - often it's more cost effective to pay people than to try to get them for free. You get a different quality of work, support, and dedication. Ever had an unpaid intern? Please reread my sentence which you've just completely ignored. Unpaid interns obviously don't have the talent that most people want. But despite that, people still want them! When you can eat anywhere for free, and stay in any hotel or palace as an honored guest for free, you don't really need so much money any more. Einstein was on that level for the latter half of his life. Einstein could do that, but with what stipulation? Most likely that he had to give a speech. He can't just go to a multiple month luxury resort free of obligations that any billion-air mogul can today. And again, what is the value of these free meals and visits that can only be offered to you first? I would peg that at around $20 million at most, which pales in comparison to the billion dollar industries that have resulted from his discoveries.