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I shouldn't get upset or angry that they get paid well above the market value of their labour? And that as taxpayers and future taxpayers, my children and I are
by CountSessine 10y ago
I shouldn't get upset or angry that they get paid well above the market value of their labour? And that as taxpayers and future taxpayers, my children and I are on the hook to pay for this?
- sidlls 10y agoHis point is that you should get upset that the "market value" is too low (e.g. due to information or other asymmetries that give advantages to the holders of capital which aren't generally available to labor).
- CountSessine 10y agoThat's an interesting perspective. Can you elaborate? How do you think that public sector unions are disadvantaged by not having enough information? Do you think that rewarding them with an enormous supplementary pension fixes the market for their labour?
- sidlls 10y agoI don't think public sector unions are disadvantaged. That group of disadvantaged folks would be private sector workers. I believe the argument would be that, to a certain extent, their pensions and other benefits do "fix the market" for their labor. I'm not sure I agree with the argument. My view would be that if the unions were as effective as they could be the workers' salaries would be higher and the pension benefits a bit lower.