The US economy dropped by 15.6% in 2009 for a total loss of $2, 342, 400, 000, 000. The people responsible for this disaster to the economy almost all received million dollar bonuses for their efforts.
From this I can deduce that the relationship between compensation for one’s "work" and what one does, or knows how to do, is not as straight forward as the authors of this paper claim.
All compensation is political. We choose to compensate some people differently than others for historical reasons, for political reasons, and obviously for economic reasons, but to ignore the historical and political aspects of compensation is to make a grave error in one’s research.
Thoughts? Do you think teachers are overpaid?