But how would you feel about working as a barber, chef or cleaner, when you could earn two orders of magnitude more making Internet thingamajings for people on the other side of the world?
New York never has a critical shortage of barbers, chefs or cleaners even though for many decades it’s been possible to earn 100x as a Wall Street bond trader or quant.
A healthy growth economy can tolerate income differences. But the balance is certainly precarious, as the example of New York or London shows. It’s constantly on the edge of driving out the remaining barbers and chefs because they can’t afford rents.
A healthy growth economy can tolerate income differences. But the balance is certainly precarious, as the example of New York or London shows. It’s constantly on the edge of driving out the remaining barbers and chefs because they can’t afford rents.