Timothy May writes (with tongue firmly in cheek):
At 10:31 PM 8/11/96, Bart Croughs wrote:
But there is another axiom of economics which the nationalist/socialist can use for his case against the free movement of capital. This axiom states that the wages of workers depend on the amount of capital invested. The more capital invested, the higher the wages are. If American
I agree strongly. In my Econ 101 class, lo those many years ago, I was constantly reminded to "Remember the Croughs Axiom!"
It is why MacDonald's workers, who work at a company which has invested truly vast sums of money in the capital of its outlets, pays its workers so much more than do the legal firms, advertising firms, etc., which have invested almost nothing in the capital of their facilities.
This is why so many lawyers choose to move into hamburger flipping. In fact, the lawyer who won the "hot coffee" lawsuit is now a Milkshake Trainee at the East Outback, Wisconsin MacDonalds.
"Would you like fries with that?"
Of course, it might work in the Macro realm: Large amounts of capital are suddenly invested in the previously underfunded Internet. Sudden demand for scarce TCP/IP specialists sends salaries soaring, causing Federal Reserve to tighten credit in fear of inflation };-> Worked for me ... -- The Checkered Daemon cdaemon@goblin.punk.net Delirium: There must be a word for it ... the thing that lets you know that TIME is happening. IS there a word? Sandman: CHANGE. Delirium: Oh. I was AFRAID of that.