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> through the perspective of some 1930s West Virginia mine worker like you do. That was the personal attack I was referring to. I was referring to the dynamic of the obvious frustrations seemingly driving much of Trumpism, and yet you're imparting that back onto me . That's called shooting the messenger. > You’re starting from the values that you think should matter to people, then faulting them for not making decisi…
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A milder version would be: People are paid based on the marginal cost of replacing them. But still, either of those is a far cry from claiming it's "the value they create". It's not hard to show either. Imagine you're on an island and have been gored in the stomach by a wild animal, and a skilled surgeon can save your life. Most people would instantly agree that continued existence is of immense "value". However afte…
The value of something is what the buyer is willing to pay for it and the seller is willing to sell at. There is no other meaningful definition of the value of an item or service. > either of those is a far cry from claiming it's "the value they create". Nobody is going to hire someone who produces less value than their pay.
Everyone who's ever spent 6 months in big tech knows how easily compensation is divorced from value. Plenty of net-negative, work-creating behavior gets rewarded with big raises.
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This is painfully naive. People are paid by the value they produce minus the maximum extraction ownership can get.
> the maximum extraction ownership can get And people demand the maximum pay they can get. It's the Law of Supply and Demand. Consider this. You hire Bob for $10/hr, and he produces $100/hr in value. What's going to happen? Your competitor hires him away from for $20/hr. Then another competitor hires Bob away for $30/hr. This proceeds until Bob gets paid about $85/hr. The ROI of hiring Bob is somewhere around 15%. Th…
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The Doge had no power.
Welcome to my rathole: Venetian history. To expand on your thesis, the Council of Ten was the executive power in Venice, but the Doge and minor council attended the Council of Ten meetings and the Doge often chaired those meetings. And even if he was powerless, the Council was made up of other old men. I don't want to push this whole argument, I'm not recommending we adopt the Venetian constitution. But I don't think…
Contrast that to now, where an 80 year old in his twenties likely did not even have colour TV.
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We already have welfare programs. Nobody is starving to death in the US.
Perhaps -- "the baseline is a decent life". Lots of people are willing to work really hard for perks and glory -- honestly, you can even take more risks if you're young and you know your life's not on the line
The trouble with that is the same reason communism fails - too many people decide to just live off of the work of others, and play video games all day.
Also, who is going to work as a janitor? Most jobs are not filled with glory. They're tedious - that's why they are called "work".
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The value of something is what the buyer is willing to pay for it and the seller is willing to sell at. There is no other meaningful definition of the value of an item or service. > either of those is a far cry from claiming it's "the value they create". Nobody is going to hire someone who produces less value than their pay.
Elon Musk stopped producing value quite a while ago, nowadays all he does is tweet stupid stuff. Meanwhile his net worth has skyrocketed. Everyone who's ever spent 6 months in big tech knows how easily compensation is divorced from value. Plenty of net-negative, work-creating behavior gets rewarded with big raises.
No evidence of that.
> Everyone who's ever spent 6 months in big tech knows how easily compensation is divorced from value.
You could always sell your yourself to a big tech company with your expertise in who are the value ones. A person with that skill would be very valuable to a company.
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> the maximum extraction ownership can get And people demand the maximum pay they can get. It's the Law of Supply and Demand. Consider this. You hire Bob for $10/hr, and he produces $100/hr in value. What's going to happen? Your competitor hires him away from for $20/hr. Then another competitor hires Bob away for $30/hr. This proceeds until Bob gets paid about $85/hr. The ROI of hiring Bob is somewhere around 15%. Th…
This is true in a friction-less market with total information symmetry. No such market has ever existed.
However, lack of information is called "risk", and risk strongly affects what you will pay for something. A low risk deal will cost you more than a high risk deal.
Risk is part of every transaction in a market economy, and is priced in.
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What you're referring to are called "expenses". The value created is what somebody is willing to pay for a piece of that action (i.e. an ownership share). Expenses reduce the value. For example, if you bake a cake the value you created is what you can sell the cake for minus the cost of the ingredients and the use of an oven. For SpaceX, the money spent to buy materials and pay employees takes away value. > that nobo…
This is usually the part of the conversation where someone mentions slave labour in an emerald mine and immigration fraud and then comes the part where you usually say something along the lines like "hasn't been proven in court!"
Musk parlayed the loan into $trillions.
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Elon Musk stopped producing value quite a while ago, nowadays all he does is tweet stupid stuff. Meanwhile his net worth has skyrocketed. Everyone who's ever spent 6 months in big tech knows how easily compensation is divorced from value. Plenty of net-negative, work-creating behavior gets rewarded with big raises.
> Elon Musk stopped producing value quite a while ago No evidence of that. > Everyone who's ever spent 6 months in big tech knows how easily compensation is divorced from value. You could always sell your yourself to a big tech company with your expertise in who are the value ones. A person with that skill would be very valuable to a company.
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This is true in a friction-less market with total information symmetry. No such market has ever existed.
You are correct that there is no friction-less market. However, lack of information is called "risk", and risk strongly affects what you will pay for something. A low risk deal will cost you more than a high risk deal. Risk is part of every transaction in a market economy, and is priced in.
https://fredblog.stlouisfed.org/2023/03/when-comparing-wages...