3 ms·
Sort of, but not really. There is a prisoner's dilemma here. People would like [better public transit, more art, you name it], but what's actually produced (and
by medvezhenok 3y ago
Sort of, but not really. There is a prisoner's dilemma here. People would like [better public transit, more art, you name it], but what's actually produced (and rewarded) doesn't completely overlap with what people want. It overlaps mainly with what _rich_ people want, which is different.
The reason investment bankers are paid well is that they make money _for rich people_. If you look at any professions, the closer you are to the money source and to the rich, the more you make.
Rich people want to stay rich in relative terms, not in absolute terms - something people always forget (because that makes them able to command other people's time and make other people "dance" for them, not buy gadgets or luxury goods which don't matter anyway).
I.e. I would argue that a lot of things that command a high income in the U.S. are actually net-negative for society overall (if we look at the value not in $ value, but in human value). Extracting monopolistic rents, for example. Slumlording. Speculating in Bitcoin. The list is long if you want to really make it.