more Crybaby Economics
Worth?
Is a football player worth their five million per annum contract while a doctor or teacher is paid a fraction of that?
The vast majority of "football players" are less valuable than doctors and teachers and are paid less than these, not more. Some even work for free, even though they have skill/talent and provide some entertainment.
But for the top .000001% elite professionals who are in demand for mass media entertainment, the sky's the limit -- yes, their value is greater -- It's supply-and-demand which determines the worth. Their success is based on their performance and testing which forces them to prove they're better than the 99.999999% below them, and the profits they bring are the proof. And the spectators/fans themselves -- however much some of them grumble -- do recognize or experience the difference between the top elite vs. the mediocre and spend their dollars accordingly (in more ways than only attendance at the games).
A worker's worth, depending on the criteria, may be determined in many ways.
"determined" by whom? Economics can try to determine it, but also those who have to pay the workers can determine it. Ultimately it has to be those who pay for it who determine the worth. While the economists have to measure "worth" or value according to what the buyers are willing to pay. If you want something scarce badly enough you might be willing to pay a higher price for it than the economist or the scientist or philosopher thinks it's worth. Whose decision is it? Who is entitled to judge that it's worth this or that price? How can it be anyone other than the buyer who wants that thing they're paying for?
So the neutral observer looking in at the buyers and sellers, from the outside, trying to judge the decisions being made, has no way to measure the "value" or "worth" of the commodities other than according to the demand for them from the buyers, so that in virtually all cases you have to look at the actual prices being paid, in the market, by those making decisions freely, out of their interest in the product, trying to either produce or consume the commodity.
The private good (profit etc.) and public good are equally legitimate.
Your instinct that there is some HIGHER value than this private profit selfish value can be understood in terms of certain social values or public values which can be judged socially, but these social values do not negate the private values and cannot be used judgmentally to prove something wrong with the private values people want to spend their money on, no matter how rich someone is getting.
It's OK to say everyone high up in the top .001 elite must pay higher taxes or something, but it's NOT OK to dictate what someone's proper compensation level should be based on your presumed scientific neutral observation point from which you can pass judgment on every individual's choice to pay a certain price, or to accept a certain price for their service. You have no objective verifiable status which entitles you to overrule anyone's private choice to pay or receive any price, however high or low, not even if you're joined by hundreds or thousands of other self-styled experts pretending to have that authority and wanting to impose your doctrines onto those private decision-makers.
A universal across-the-board higher tax rate on the top .0001% (or .0000001 etc.), or other progressive taxation, can leave it to the private buyers and sellers how the values come about and how the wealth gets dispersed among the producers, and how each commodity gets priced, including labor -- while at the same time do what's practical to make sure that public needs get paid for, in higher proportion, by the wealthy elite.
This makes sure that the public need is met, but without dictating what each producer is worth, from the outside, trying to judge every transaction and every commodity produced, like many demagogues and tyrants have pretended to do, putting their subjective judgment onto everything of value, pretending there is some scientific way to measure every value.
The fact that "worth . . . may be determined in many ways" is precisely why we cannot set up an outside authority to fix the values and judge who is being paid too much or too little. It's subjective, not scientific, and cannot lead to anything but reduced performance and deterioration of the economy. The "many ways" for judging "worth" keep changing and vary from one philosopher-theorist to the next and can never serve the millions of producers trying to figure out how to improve their performance. There's only one objective standard, which is to satisfy the market supply-and-demand requirements, which happens automatically without anyone imposing their judgment onto anyone else -- as the following presumes to do:
The point is that workers employed in a range of sectors are not getting their fair share of the wealth they help to produce . . .
That's your personal religious instinct, based on your mystical cosmic insight into the nature of the "fair" vs. the "unfair" -- and you're entitled to your religion. But you're not entitled to impose your personal feelings onto everyone else.
The fact is that you have no way to produce the "fair" system you intuit except by imposing rules onto everyone which will end up reducing the overall living standard, as this is measurable. Your solutions necessarily force some of the production to be shut down, as you would drive up the production cost, and this necessarily leads to less production and higher prices to consumers, which you continually disregard. Your cosmic intuition that this lower production and higher cost is a righteous sacrifice for society to make is not scientific but only your personal feelings, to satisfy your mystical instincts, not to increase the general living standard, which necessarily goes down as you force the production to decrease and the prices to increase.
The "share" that individual workers and all other buyers and sellers are actually experiencing, is the best one -- if it's being left to the free market supply-and-demand -- for satisfying all the needs of the whole population. If you artificially drive up anyone's "share" because you feel sorry for them, you are only driving DOWN someone else's share who has to pay for it.
Just because you feel sorry for certain select victims you see on the Nightly News -- certain high-profile "workers" (sellers) who are not as competitive as they were 20 or 40 years ago -- does not mean they are being deprived of their "fair" share. The neutral objective law of supply-and-demand shows that in their case the value has decreased, or has remained stagnant, compared to some others. Unless you can disprove the law of supply-and-demand, we have to assume that this objective neutral standard overrules your personal subjective feelings about what is "fair" or what
ought to be in your cosmic visions of the Absolute Good in a Righteous Universe.
. . . their fair share of the wealth they help to produce . . .
No, the fact that they are so expendable -- so replaceable, so easy to get rid of when they aren't needed anymore, so unnecessary for the continued production -- is the proof that they are less needed and less helpful in the production. Their "help" to producing that wealth has DEcreased, i.e., it has greatly decreased in value. Those ones being replaced by machines and cheap labor are not providing as much "help" as they once did and so are less in demand. It's the scientists and engineers, a much smaller elite class of specialists, who have helped to produce the greater wealth, not the particular workers you're seeing on the Nightly News who are making a fuss and getting all this attention. And if we just artificially drive up their wage level, above their current market value, it can only inflict damage onto millions of consumers, even billions, who will have to pay the price and suffer a reduced "share" in order to pander to these whining ones making the fuss and getting attention and pity from you and other spectators being shocked by their cries for special attention.
It's always easy to feel sorry for certain high-profile victims who get disproportionate attention, like in a drama or soap opera, where your attention is focused in on a few select characters, as if the whole world revolves around them and their special case, to the exclusion of any attention toward the billions of others who are suffering just as much or even more.
. . . that their wages have in fact fallen below market value.
You've shown, and we all know, that some wages have declined or stagnated, but nothing shows that they fell
below market value. You're ignoring the fact that these wage-earners have in fact become MORE REPLACEABLE, less necessary for the production, more expendable -- you completely ignore this fact about them. If you ignore what "market value" means, i.e., that it means IRreplaceability, NON-expendable, etc., then of course you will falsely characterize it as "below market value" because you totally reject what "market value" really means as something immoral or repugnant to you personally, or something repulsive to your personal religious instincts. But your religion is false -- Nonreplaceability IS IMPORTANT in determining the value, the good, NOT unimportant as you want to make it. Just because you hate the fact that some producers are better than others, are MORE needed and MORE IN DEMAND, does not negate the fact that they are more valuable by producing more than those who are more replaceable and less needed.
That
some are LESS NEEDED than others is something that hurts you, offends you, but your feelings don't negate the reality.
Their higher value is based on the only objective standard we have, not on your mystical instincts of what "fair" ought to be, or on feeling sorry for select victim groups you happen to notice to the exclusion of millions of others who would be (or are) victimized by your false demand to drive up the labor cost which would drive down the living standard of all.
Meanwhile the rich enjoy their own growing income and wealth.
There's "the rich" and then there's "the rich" -- some of them earned it and others are screwing someone. It's fine to separate them and try to plug the loopholes or make the system more honest so it rewards merit only. When will you start doing that, looking for ways to make it all more honest so it rewards merit only? instead of just resorting to Crybaby Economics, to employer-bashing and -scapegoating?
Is their worth to be measured in money and property? Their great talent for making money?
Yes, for all those who did it by being more productive. What's wrong with getting rich if they did it by being more productive and making consumers better off? You need to stop putting all the rich (and all employers) in the same category so you can simply bash them all as a class, like a demagogue pandering to the idiot masses, like the rioters destroying business property of small struggling entrepreneurs struggling to survive, trying to save on costs.
In some cases "making money" means reducing costs, including labor costs. By means of this cost savings some of them survived and then expanded and even got rich. Those who succeed at this, making the right decisions, are entitled to that "worth" or "value" they created, meaning they had more "worth" because of their "talent for making money" honestly to serve consumers better and succeed. You cannot lump all these honest ones into the same category as the ones who cheated the system and screwed others in order to get rich. As long as you continue to disregard this and just keep scapegoating and preaching hate toward an entire class, you are only adding to the ongoing declining value of the less competitive ones you're pandering to in your delusion that you're their hero on a White Horse coming to save them.