Originally Posted by
Boomer
Funny you should ask.
I was just looking at a textbook... Intro To Economics.
It goes through a few definitions (cost vs value vs worth, etc) and by page 3 they start with the first lesson: What is worth more, a diamond or a glass of water?
Then they go into the discussion of a guy in the desert and how he would gladly trade diamonds for a glass of water. I guess anyone in the world can relate to diamonds, water, deserts, and thirst.
Reading on to page 5, they go into the second lesson: How much is a 747 Captain worth? (I swear I'm not making this up!)
This discussion goes along the lines of all the training, experience, the lifetime of preparation, a clean record, incredible responsibility, long hours away from home, and so on. So is a 747 pilot worth 300,000 a year? Yes, they reason, as long as there are only so many available.
However, they go on to point out that if there is a surplus of qualified persons to fly 747s, then the "value" of a 747 Captain drops rapidly. Thus ends the second lesson in the economics textbook.
Honest to God... the first two examples in an economics textbook are a rich man dying in the desert and a bunch of 747 pilots that think they're worth more than the market will support.
I didn't read any more after that.
Where I live, when they give the civil service exam to get on the list to become a police officer attracts over 25,000 people each time it is given. At most 200 will be picked off that list. Starting salary is over $55,000 a year up to $75,000 after 5 years. All this and all you need is 64 college credits, half which you get from completing the academy.
Wouldn't you think that the salary would come down if 25000 people want to join each time the test is given? Nope, the union gets the salary to go up.