Earlier quoted context omitted.
This all still skirts the main issue. Why does the janitor get paid so much less for a shitty job almost no one wants to do? Why do we have damn near minimum wage construction jobs? Many jobs are important, all should be paid accordingly. Failing that, shouldn't the most labor intensive jobs therefore pay the best? The incentives are so skewed in society now. And I say that as someone who has done all kinds of crazy…
Rate of pay is empirically determined by the intersection of supply and demand for that job, not by how important a particular person or group thinks a job ought to be considered a priori. Where supply is much larger than demand -- that is, where many people can easily replace the person doing the job and perform similar work -- wages are low. When not many people can do a demanded job, wages are high. Note that I am…
It's simply the flavor of the decade, just like last bubble it was website/graphics design. Bubble is bursting IMO.