Rich athletes, celebs & businessmen do deserve their money.
Posted: Sat Dec 07, 2019 11:32 amI often find people saying things to the effect of "why should x be getting so much money, when y get so little?" or "do x really work z times more?"? Well, I believe that there are legitimate reasons for such sums to be earned.
First of all, despite what internet commenters can tell you, those guys actually respond to actual needs. In case of celebrities and athletes is the need is their fans' leisure, which is an important part of life. And while the employees of companies may have the practical knowledge of their industry, the theoretical one is necessary, and some people are gonna possess it to a far better degree, one that can put them in a management position.
Second - and maybe more importantly - when you see the scale of what they do, the figures will make much more sense.
Suppose the CEO of General Motors only got ten dollars from each car sold. In that case, she would get a significant raise.
Then suppose General Motors assembly employees would get ten dollars per car sold. In that case, they would have to learn how to live at about 30 cents per manhour.
Or that Premier League players got 50% of what the clubs earn on their games, and 5 pounds off each match attendance. In that case, they would still get around five million pounds a year, and that's assuming no merchandise, licensing, etc. deals.
And when it comes to billionaires like Jeff Bezos, their wealth comes from what they managed to get when their decisions concerning the running of their companies increased stock prices. And even that wealth is usually a fraction of total company value - for exampleMr. Bezos owns less than an eight of Amazon, and got the 100% off an investment of just $300k.
And before anyone says anything about the workers of Amazon - what makes the company they work for be a booming player, not just another market failure? Do they somehow become better when they join Amazon ranks?
So I believe that such rich people do deserve their wealth. They put in valuable labor, and did it on a scale that justifies such payout.
And what do you think about it, NSG?
First of all, despite what internet commenters can tell you, those guys actually respond to actual needs. In case of celebrities and athletes is the need is their fans' leisure, which is an important part of life. And while the employees of companies may have the practical knowledge of their industry, the theoretical one is necessary, and some people are gonna possess it to a far better degree, one that can put them in a management position.
Second - and maybe more importantly - when you see the scale of what they do, the figures will make much more sense.
Suppose the CEO of General Motors only got ten dollars from each car sold. In that case, she would get a significant raise.
Then suppose General Motors assembly employees would get ten dollars per car sold. In that case, they would have to learn how to live at about 30 cents per manhour.
Or that Premier League players got 50% of what the clubs earn on their games, and 5 pounds off each match attendance. In that case, they would still get around five million pounds a year, and that's assuming no merchandise, licensing, etc. deals.
And when it comes to billionaires like Jeff Bezos, their wealth comes from what they managed to get when their decisions concerning the running of their companies increased stock prices. And even that wealth is usually a fraction of total company value - for exampleMr. Bezos owns less than an eight of Amazon, and got the 100% off an investment of just $300k.
And before anyone says anything about the workers of Amazon - what makes the company they work for be a booming player, not just another market failure? Do they somehow become better when they join Amazon ranks?
So I believe that such rich people do deserve their wealth. They put in valuable labor, and did it on a scale that justifies such payout.
And what do you think about it, NSG?