Kruse Kronicle

Tag: economic value

  • Manufacturing Fetishism

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    by

    mwkruse
    in ,

    Financial Times: Fetish for making things ignores real work Manufacturing fetishism – the idea that manufacturing is the central economic activity and everything else is somehow subordinate – is deeply ingrained in human thinking. The perception that only tangible objects represent real wealth and only physical labour real work was probably formed in the days…

  • Economic Falacies: Pay Equals Importance

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    by

    mwkruse
    in , , ,

    The “Pay Equals Importance” fallacy maintains that the wages and salaries people are paid should be commensurate with the importance of their work. People frequently lament that schoolteachers make so little money, but a famous basketball player like Kobe Bryant makes 30 million dollars annually (including endorsements, etc.). After all, teaching our children is far…