Re:If pay had kept pace with productivity gains, minimum wag...
by andrewjl on Saturday October 10, 2020 @07:47AM
(#24738291)
These are great examples, here's another good read on the topic:
https://www.theatlantic.com/business/archive/2016/09/the-fre...
A salient quote:
'Elite men in the U.S. are the world’s chief workaholics. They work longer hours than poorer men in the U.S. and rich men in other advanced countries. In the last generation, they have reduced their leisure time by more than any other demographic. As the economist Robert Frank wrote, “building wealth to them is a creative process, and the closest thing they have to fun.”'
I think that’s kind of what the OP you responded to was getting at. I know professors at large state universities making $100,000+ in medium to low cost of living locations. Some make even more. They aren’t 1% but they might be top 10%.
I guess what’s piqued my interest here is, at what point do we consider labor to be labor?
If you get a nice UAW job for 30 years and plow money into the market, are you not a capitalist?
Is a surgeon not labor since he or she may not own the hospital? Sure they may make $700,000/year, but... aren’t they working for a living?
The Meritocracy Trap is a great book I’d recommend that’s related to this question/issue. Wealth and the bourgeoisie used to just hang out all day and go for walks in the park. Now they work 120 hours/week.