wedrifid comments on Let's make a deal - Less Wrong

-18 Post author: Mitchell_Porter 23 September 2010 12:59AM

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Comment author: mattnewport 23 September 2010 04:11:19AM 1 point [-]

I pretty much agreed with the rest of your post. If you believe you can create something that will be valuable (where that something could be knowledge) but you lack the capital to invest in creating that something then you need to raise that capital somehow. Convincing someone to supply the capital is one route, self-funding another. If you can't make either of these work then you should at least consider the possibility that you are wrong about the future value of what you believe you can create.

As a side note, it is an economic fallacy to suppose that salaries should directly reflect the value created by the worker. The price of labour, like any other price, is determined by supply and demand.

Comment author: wedrifid 23 September 2010 05:17:51AM 2 points [-]

As a side note, it is an economic fallacy to suppose that salaries should directly reflect the value created by the worker. The price of labour, like any other price, is determined by supply and demand.

The word 'should' would need to be replaced (or added to) for the supposition to be fallacious. The (rejection of) 'should' does not follow from the 'is' in the next sentence without including an additional normative premise.

Comment author: mattnewport 23 September 2010 05:28:05AM *  0 points [-]

True, perhaps I should have said 'it is an economic fallacy to suppose that salaries will directly reflect the value created by the worker.'

Assuming our extrapolated volitions understood economics however they would have no reason to care about the relative salaries of FAI researchers and store clerks. Their only concern would be whether FAI researchers were undersupplied at the market price.