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More high pay stuff PDF Print E-mail
Written by Giles Wilkes   
Tuesday, 18 August 2009 14:38

Well, I've really enjoyed the debate over at LV about executive pay, featuring as it does such liberal luminaries as Tim Leunig, James Graham and Mark Littlewood.  The last two are debating the extent to which supermarkets exercise real monopoly power; Mark's comparison with the workings of democracy is worth quoting, I think:

As Tim points out, I can easily switch banks or grocery store. To some extent, it’s a perfect, rolling, proportional representation referendum. If 32.4% choose HSBC, then 32.4% get HSBC. And that needn’t affect the 27.8% who choose Barclays. The difference with the public sector is that it includes everyone. In very crude terms, if 51% of the electorate vote for X, then the other 49% have to consume X (and/or pay for X). Wherever possible, we should allow the 51% to choose and pay for X, but the remaining 49% to choose and pay for Y or Z.

Now Dillow has weighed in, with his usual economistic accuracy and fair-mindedness- but producing an odd result:

There is, though, an alternative to a government commission - workers’ control. Workers, far more than any ragbag of state-appointed “experts”, have an idea whether their high-paid bosses are clueless gobshites or genuinely good managers. And they have an incentive to distinguish between them. Rational workers would want to retain a talented manager, as he is best able to secure their jobs and improve their wages. And they have every need to get rid of the bad boss, as it’s their jobs that are threatened by his greedy incompetence.

I just don't think that would work.  For a start, they might not award money on the basis of objectively perceived talent but internal politics: you cut my division's budget and you get no money.   What if a talented manager is one who recognises the need to cut worker's wages?  Shareholder worship has its failings, but can't be as bad as this. 

Everyone recognises that excessive pay is a problem:  the sensible notice there are no easy answers (although this Guardian editorial is willing to imply that there is an answer in bold below)

 The question of bankers' pay is a thorny one: clamp down on bonuses and basic salaries will rise; tax salaries and financiers will pay themselves in capital. Raise taxes and the City will start buying tickets for Frankfurt. These problems can be tackled with a bit of political will and some deft policy footwork. But the last few years have not seen much of either

 Oh, go on, PLEASE tell us what policy footwork is needed.

Even the Telegraph is shocked by pay.  Tracy Corrigan:

 Received wisdom – that remuneration is set by the markets and will self-correct – has been exposed as a joke in the same league as "derivatives have massively reduced systemic risk" . . . I am less shocked, when discussing remuneration with highly paid executives or bankers, by how much money they earn than by the widespread conviction that they deserve it. As one British banker said of a particularly well remunerated American boss: "You can't tell me there is no one competent to do the job for less than $100 million."

 We all know we have a failing market, but no-one in their right mind should expect a government to produce better answers.  Shifting it to the FSA was clearly wrong. 

After enjoying such civilised debates online, this FT editorial reminded me of how vicious online discussions are normally (hello, Telegraph comments section). 

Tribalism, groupthink and outright deceit form a large part of online political debate. Incivility, lies and ignorance are hardly new to politics, and there have always been outlets for peculiar views, but the internet has made partisan ecosystems of mutually reaffirming sites ubiquitously accessible.

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shorts
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discount fendi bags
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2010 World Cup Argentina National Team,10# Messi?
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2010 World Cup Argentina National Team,10# MARADONA?
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2010 Brazil World Cup Away (Pele 10)?
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Herve Leger dress?
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wholesale women's dresses?
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yvComment v.1.18.4
Last Updated ( Tuesday, 18 August 2009 14:56 )