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Setting a maximum wage for CEOs would be good for everyone
- Bostonian 6y ago"We can fine-tune this as we accumulate experience, but I propose we start with a limit of $10 million in total compensation for a CEO of any company doing business in the US, with no one in the company or its subsidiaries permitted to earn more. " Successful hedge fund managers can earn much more than that in a year. So people should be encouraged to start hedge funds rather than work for public companies? There are are athletes, movie stars, and rock stars who earn more than $10 million a year. Why pick on CEOs -- their jobs are at least as important.
- maxharris 6y agoI think this is a terrible idea, and it would be bad for everyone. If we put in a cap on the total amount of money a person can create in a year, control over resources will rapidly shift from the Elon Musks of the world to incompetent government boards. Look at how much innovation has happened in aerospace and electric vehicles as control has shifted from the lethargic (and largely government-controlled/bailed-out) legacy aerospace companies and automakers. This is not an accident or mere correlation: the mind needs to be free of coercion to think, and there is no organization more coercive than a government that violates individual rights (especially the right to trade freely and keep private property!) Private profit and ownership is good for brilliant individuals. When they are free to innovate, that's good the natural environment, and for ensuring that the human race becomes a multi-planetary species, capable of resisting extinction events such as asteroids.