In this report nef calculates the value to society of a number of different jobs and advocates a fundamental rethink of how the value of work is recognised and rewarded. Pay matters. How much you earn can determine your lifestyle, where you can afford to live, and your aspirations and status. But to what extent does what we get paid confer âworthâ? Beyond a narrow notion of productivity, what impact does our work have on the rest of society, and do the financial rewards we receive correspond to this? Do those that get more contribute more to society? With controversial bonuses being paid out this Christmas in bailed-out banks, we believe that it is time to ask challenging questions such as these. http://www.neweconomics.org/sites/neweconomics.org/files/A_Bit_Rich.pdf
Based on value to society, I would say that the people that collect your garbage, sewage, etc, haul it away and dispose of it safely would be #1. After that the people that keep your water clean and accessible. Then farmers. Then the military. Then doctors/nurses etc. And then the rest are pretty obvious - police officers, firefighters, teachers, carpenters, architects...
Holy crap. Have you actually read that paper? It's socialist propaganda at its best (or worst). It is true that pay based on market price may not always reflect the true value of work. But what is the alternative? The only alternative is redistributing income according to what government bureaucrats and politicans think is 'fair'. But it's impossible to objectively define 'fairness'. In the end, such thinking opens the door to income redistrubution either dictated by a) some more or less obscure ideologies or b) by corruption or its sibling, lobbyism. No thanks.
Hmmm, I wonder where "retail trader" would fall? Probably just below hair stylist, but above those guys who sit on the corner with their headphones wearing big signs that tell me where to get a new mattress....then again, when my mattress is starting to feel lumpy...
You don't think the military is important? You might be speaking German were it not for military around the world, if you were even allowed to be alive, depending on whether your race was "pure" or not. Of course a military has been used countless number of times in history to enslave and bully. I am saying a military under the control of a conscionable nation.
In a traditional text book stance, traders increase market liquidity which, in theory, brings about stable market prices and "true value". Those who trade commodities are participating in this practice. Stable goods for delivery is a very positive thing in a production to consumption based society. It lowers prices for the consumer and increases profitability for the producers, which trickles down into less volatile job market for those who work for these producers and consumer their products. For me, those who can exploit trends and inefficiency are worth precisely the profit(loss) they derived from that exploitation. Those who are in a job that is considered a social service do not have the ability to exploit their situation. Can you imagine if a firefighter was able to negotiate a trade with a home owner who's house was on fire? the spread on that trade is HUGE! this is precisely why those in social fields do not make millions, there's nothing to exploit. It's a morals trade with large premiums to swallow. Traders are always given a bad rap. What is not understood is that traders survive on their ability to manuaever through difficult situations. They have no welfare system, there is no government bailout, there is no health benefits, pensions, 401ks, medicare, employer holiday parties or celebrations. There is only risk in the form of taxes, fees, and razor thin margins. If a trader has a bad day, he doesn't eat and struggles with bills. If a cop has a bad shift, he drinks in the security and comfort of the home earned securely with little financial risk. If we look at it in this perspective, anyone would be crazy to take up all this risk with little chance of survival.