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<blockquote data-quote="bartoma" data-source="post: 150547" data-attributes="member: 969"><p>One more thing to point out regarding the economic way of looking at this: prices are signals that communicate information related to the scarcity of valuable resources... They let us know what is valued by people we don't know and therefore cannot ask... </p><p></p><p>CPJ commands a high salary because he is a scarce commodity that is valued by the Institute, and by proxy, the fans... His salary induces others to try to emulate his success by doing like things... </p><p></p><p>His salary is not a reflection of merit - that is, some opinion of its meaning or the effort he puts into doing his job - it is solely commiserate with the value he adds to the enterprise...</p></blockquote><p></p>
[QUOTE="bartoma, post: 150547, member: 969"] One more thing to point out regarding the economic way of looking at this: prices are signals that communicate information related to the scarcity of valuable resources... They let us know what is valued by people we don't know and therefore cannot ask... CPJ commands a high salary because he is a scarce commodity that is valued by the Institute, and by proxy, the fans... His salary induces others to try to emulate his success by doing like things... His salary is not a reflection of merit - that is, some opinion of its meaning or the effort he puts into doing his job - it is solely commiserate with the value he adds to the enterprise... [/QUOTE]
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