Quote:
Originally Posted by jebartle
Where does it end??? A surgeon saves lives and makes peanuts compared to professional sports.... Our values are "out of whack "
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The present system of setting wage levels is the best system and other systems are worse.
Wage levels here are the result of free markets — the best system for setting wages. What other system exists that is better for setting wage levels? I don’t know of one.
If a free labor market does not set wage levels, then what person or committee would determine how much a person is worth and ought to be paid? And how would this dictator or committee be chosen? There is no good way. Would this dictator or committee set wage levels at the same as what you believe is the right level? Probably not. What then? Fire the dictator or committee until you get one that you like?
There is no better system for setting wage levels than the present system. Other systems have been tried and don’t work well.