Tag: intrinsic value

Factories in decline? It’s OK, services will do nicely

Mar 18, 2011

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by

mwkruse

in Economics, Trends: Economic

BBC: Factories in decline? It's OK, services will do nicely The Worrying Class in developed countries laments: "We don't make anything any more." They fear that, as more people find employment in services, their nation loses the ability to provide for itself and gives up the "good jobs" which sustain the middle class. They obsess…
Economic Falacies: Pay Equals Importance

Dec 5, 2007

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by

mwkruse

in Economics, Public Policy, Series: Economic Fallacies (Series), Theology

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…