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Most overpaid/underpaid profession? (Page 7)

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Vinzy

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Vinzy

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Posted: 08 July 2010 at 1:32am | IP Logged
Check this...how  kids ask for increment!!
 

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Summer3

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Posted: 08 July 2010 at 1:37am | IP Logged
Originally posted by Believe

Check this...how  kids ask for increment!!
 
Very good one. Guy is clever.LOL

souro

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Posted: 08 July 2010 at 2:07am | IP Logged

Originally posted by Mister.K.

Originally posted by souro

Something that most people can do will command less wages. Something that only a few people can do, commands the highest wages.
Simple demand and supply.



Originally posted by Mister.K.

I am afraid it's not that simple a correlation. And it doesn't address the variations in income levels across professions, which is what I believe the topic starter would want us to talk about. The topic starter specifically raised the issue of who deserves how much and whether there is any justice in the prevailing system.

Before we proceed and make it complicated, I'd like to state that as long as it's price we're talking about it'll be supply and demand governing that price. The supply can be controlled by several factors and the demand can be fuelled by several factors but the price ultimately will be ruled by how many people want it, how badly they want it and how many of them can be actually provided with it.

Originally posted by Mister.K.

But let's set aside the even-handedness of all that for a moment and concentrate on pure supply and demand.

Most professions are susceptible to exogenous shocks ' some unexpected events could raise the demand as well as chop the demand. Example: there was a demand for Y2K professionals before 2000 but it fell after 2000. There was a demand for real estate agents a couple of years back but it fell as prices in that sector dropped. The underlying stipulation in such scenarios is that one needs to make hay while the sun shines.

I didn't get how this is relevant. The demand rose at a certain point in time and came down after that. When the demand was high the prices were high as well. Then demand dropped but supply remained the same so prices dropped. Ain't that what I was talking about?

Originally posted by Mister.K.

Some demands are cyclical. If I am an oil trader, I could expect to mint money in one year and lose heavily in another.
Okay. Cyclical or not, it's still supply and demand governing the price. So, I'm not sure what is debatable in that.

Originally posted by Mister.K.

Even within the same profession, there's no uniformity in wage distribution. Some actors make millions while some peanuts. Same goes for, say, doctors, engineers or lawyers. And it's not like the hardest working or the most talented is guaranteed to make the most money within that profession either.

I didn't say that hard work and talent by itself will guarantee the highest wages. It still depends on how many people 'feel' that the person is talented and so want to associate themselves with that person.

Originally posted by Mister.K.

All other things being equal doesn't hold true when it comes to earnings.

So, for instance, if you tell me that most people could write software but very few people could act and thus, if I have the ambition to make more money, I need to get into acting, I would tell you that I might make less than a Shah Rukh Khan but then I might also make more than a Manoj Bajpai.

It's not that. Think like this, many people can write software but very few people can gain the admiration of millions with their performance. Consequently the few who have the ability to gain admiration of millions will get paid more than those who can write software. SRK attracts millions, Monoj Bajpai attracts thousands. Maybe the number of people who can attract thousands is much more than those who can write software.

Originally posted by Mister.K.

Point is there are no thumb rules that you could come up with to justify earnings, spanning professions.

You could argue that, regardless of the profession one could work hard and rise to the top and thus vie for parity in earnings. Not true. A top teacher will never be able to make the same amount as a top actor or a top basketball player (which is again what the topic starter had in mind, if my interpretation was correct)

There are thousands of teachers and most people will feel that it's same whether it's Teacher A or Teacher B teaching them.

But let's say Ms. SJB is a teacher. She is so popular that most students want to be taught by Ms. SJB only and no one else. However, she can only work for one school and can only teach 30 students. Students will be willing to pay more so that they can be in that group of lucky 30. The schools will compete among themselves to employ Ms. SJB as it will bring more money from the students. If it's a completely free economy without any sort of interference, then theoretically, the wages of Ms. SJB the teacher can even touch what top actors or basketball players make.

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Vinzy

_Angie_

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Posted: 08 July 2010 at 6:19am | IP Logged
Originally posted by Believe

Check this...how  kids ask for increment!!
 
LOL Unless nipped in the bud this method of asking for increment... can  persist  ...

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_DrEaM_

_DrEaM_

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Posted: 08 July 2010 at 6:26am | IP Logged
Originally posted by Believe

Check this...how  kids ask for increment!!
 


now think what he will grow up to be LOL bet he will not cry like this...as ahem boys don't cry Wink

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Angel-likeDevil

_Angie_

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Posted: 08 July 2010 at 6:28am | IP Logged
Originally posted by Summer3

In some countries the law enforcement personnel are underpaid too.
This results in them looking for "side" income and "undertable" deals.
 
 
many of the highy paid are also not averse to any "undertable" deals

baz786

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Posted: 08 July 2010 at 6:33am | IP Logged
Government based jobs are paid to little
Jobs in health care, teaching etc
Sports stars are paid alot too much
If I say so they shud do more for the money ther paid

_Angie_

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Posted: 08 July 2010 at 7:08am | IP Logged
Originally posted by baz786

Government based jobs are paid to little
Its pppl's choice whether they wish to be in govt or pvt sector. Each has some adv and disadv.
Jobs in health care, teaching etc
?? Health care - more pay in pvt sector vs reaching out to more patients in govt sector
Sports stars are paid alot too much
varies betw diff sports eg cricket players paid handsomely but hockey players paid peanuts.
Market drives the economy!

If I say so they shud do more for the money ther paid
 
They wont,  unless they feel inclined to do so or are made to do so !


Edited by angie.4u - 08 July 2010 at 7:07am

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