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« Ki Tissa | Main | We have met the enemy . . . and it is not government! »

02/21/2011

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Jimbino

Reich used to be an economist. He asks, "Which is more valuable: one hedge fund manager or one teacher?"

That's like asking, "Which is more valuable: a pound of water or a pound of gold?"

Well of course water is more valuable, being essential to life. But any economist knows that it is not "value" that determines prices or wages, but Supply and Demand.

We have an oversupply of undereducated teachers who haven't a clue about economics and few persons capable of being good hedgefund managers. Hence the low teacher wages

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