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I agree. The statement that plumbers make as much as doctors is insanely inaccurate. I think Thiel needs to find a new plumber, because he's clearly overpaying.

by zecho 14y ago

nickbarnwell 14y ago
While I've not run the numbers, when you adjust for the costs and lost wages from: * 4 years of undergrad * 4 years of medical school * 3+ years of residency And the potential upside for a plumber who starts his own business or perhaps branches out into general contracting, it would not surprise me if total lifetime wages adjusted for education expenses were fairly close.
- runako 14y ago
  This is a commonly made false comparison: employed physician vs. self-employed plumber. You've combined two jobs (plumber + small business manager), then assumed that the plumber is better than competent at both. This will not compare favorably at the margin if you compare e.g. to a surgeon who opens a plastic surgery practice, or uses his surgical skill to found Intuitive Surgical. Either compare averages or admit that there's no point comparing when you already know the outcome you want.
  - nickbarnwell 14y ago
    For what it's worth, I agree it's a poor comparison. I posted as much to ponder how it might have arisen during the interview as to address the GP's statement "that plumbers make as much as doctors is insanely inaccurate"
larrys 14y ago
Yes. Shows what a bubble he lives in. That statement really bothered me (was just discussing that last night with my wife when I replayed the story) and I think it obviously showed Thiel's lack of preparedness for the interview. Imagine going on 60 Minutes and not being prepared. It shows the halo he has around him from talking to people who rarely challenge him. Reminds me of shit I can get away with at a family gathering that would never fly on HN! Anyway the job (and prestige) of a doctor is vastly different than the "average" plumber or tradesman and comes with a whole host of psychic benefits. And the skills (mechanical and being grimy all day) are much different for plumber than Physician.

I agree. The statement that plumbers make as much as doctors is insanely inaccurate. I think Thiel needs to find a new plumber, because he's clearly overpaying.

by zecho 14y ago

I agree. The statement that plumbers make as much as doctors is insanely inaccurate. I think Thiel needs to find a new plumber, because he's clearly overpaying.

nickbarnwell 14y ago

While I've not run the numbers, when you adjust for the costs and lost wages from: * 4 years of undergrad * 4 years of medical school * 3+ years of residency And the potential upside for a plumber who starts his own business or perhaps branches out into general contracting, it would not surprise me if total lifetime wages adjusted for education expenses were fairly close.

runako 14y ago
This is a commonly made false comparison: employed physician vs. self-employed plumber. You've combined two jobs (plumber + small business manager), then assumed that the plumber is better than competent at both. This will not compare favorably at the margin if you compare e.g. to a surgeon who opens a plastic surgery practice, or uses his surgical skill to found Intuitive Surgical. Either compare averages or admit that there's no point comparing when you already know the outcome you want.
- nickbarnwell 14y ago
  For what it's worth, I agree it's a poor comparison. I posted as much to ponder how it might have arisen during the interview as to address the GP's statement "that plumbers make as much as doctors is insanely inaccurate"

larrys 14y ago

Yes. Shows what a bubble he lives in. That statement really bothered me (was just discussing that last night with my wife when I replayed the story) and I think it obviously showed Thiel's lack of preparedness for the interview. Imagine going on 60 Minutes and not being prepared. It shows the halo he has around him from talking to people who rarely challenge him. Reminds me of shit I can get away with at a family gathering that would never fly on HN! Anyway the job (and prestige) of a doctor is vastly different than the "average" plumber or tradesman and comes with a whole host of psychic benefits. And the skills (mechanical and being grimy all day) are much different for plumber than Physician.