They pay nothing for their by far most important input, and in fact actively guilt people into giving it to them. For free. You also appear to have a, well, e

They pay nothing for their by far most important input, and in fact actively guilt people into giving it to them. For free. You also appear to have a, well, econ for the gullible version of how executives get paid. Reality is much closer to managing to stack the board with friends, etc -- read eg Jack Welch. Your argument about the dynamics of the labor market for execs is specious -- arrived at by assuming the current state, then proceeding to demonstrate the current state is necessarily optimal because we are in it.