ocean515
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Re: Warren Buffett Don't raise the minimum wage
But's it is a kick butt measure of economic value. Pay is a measure of the value of service one provides to the economy. It's also related to the scarcity of those qualified to provide the specific economic benefit their labor provides. Burger flippers are a dime a dozen, and are paid accordingly. An airline pilot is not, so the pay is considerably different. Should a retired airline pilot expect to be paid the same as when they were flying should they take a job at McDonalds?
They're not objectively better. Period. The pilot is just in a better position to negotiate for economic gain. Income is a very poor measure of personal or moral value.
But's it is a kick butt measure of economic value. Pay is a measure of the value of service one provides to the economy. It's also related to the scarcity of those qualified to provide the specific economic benefit their labor provides. Burger flippers are a dime a dozen, and are paid accordingly. An airline pilot is not, so the pay is considerably different. Should a retired airline pilot expect to be paid the same as when they were flying should they take a job at McDonalds?