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I’m not entirely sure what the difference is between economic value and other sorts of value. My objection boils down to pay being an approximation of value an
by mikeash 7y ago
I’m not entirely sure what the difference is between economic value and other sorts of value.
My objection boils down to pay being an approximation of value and rarity. Picking fruit is extremely valuable but the pay is shit because workers are plentiful. Looking at employees as a product, pay is the price, value provided is essentially demand, and the relationship between the two depends heavily on supply.
- eloff 7y agoYes that's true, supply heavily skews the value of pay as a proxy for value. But to be fair I did call it out as being a very rough proxy. The idea was just to look at it from another angle and see if it makes sense.