Walter E. Williams

Another part of the explanation for Jordan's high salary is simply a matter of supply and demand. If there were tens and tens of millions of people with Jordan's talents, you can rest assured he wouldn't be earning $33 million a year. And similarly you can bet that if people really valued hamburgers and there were only a few people with those skills, they'd be earning much more than they currently earn.

We might think of dollars as being "certificates of performance." The better I serve my fellow man, and the higher the value he places on that service, the more certificates of performance he gives me. The more certificates I earn, the greater my claim on the goods my fellow man produces. That's the morality of the market. In order for one to have a claim on what his fellow man produces, he must first serve him. Contrast that moral standard to Congress' standing offer, "Vote for me and I'll take what your fellow man produces and give it to you."


Walter E. Williams

Dr. Williams serves on the faculty of George Mason University as John M. Olin Distinguished Professor of Economics and is the author of 'Race and Economics: How Much Can Be Blamed on Discrimination?' and 'Up from the Projects: An Autobiography.'
 
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