"directors in FTSE 100 companies have received an average pay increase of 49% this year" Why? Because they can, not to put to fine a point on it. Our legislative framework hasn't evolved to produce a more ... what? ... rational? fair? system.
Why would I say 'rational'? Well, several reasons: how can the value of these people's work really be worth so much more than, say, a nurse or a refuse collector? I rather doubt that the talent these people have is any significantly greater than dozens if not hundreds or thousands of others, the difference is that these particular people had the 'right' combination of birth, schooling, networking and chances of openings at the 'right' time to find themselves in a position commanding great wealth. So I say rational because happenstance is massively at work here and that isn't really rational. Rational would be taking a view about the relative values of the work and the costs to society .... see where that would be going? And then if we add to that the consideration from The Spirit Level about the deleterious effects (read therefore 'costs') to society of greater inequalities of income.
So, I contend, it is not fair, rational or acceptable for civilised societies not to address that kind of idiocy in so-called 'rewards'. Too often 'we' are rewarding chance and good-fortune not effort, creativity, intelligence or any of the virtuous things that most of us would say is deserving of reward.
Rant over ... thank you for bearing with me. I feel better now. And who knows, I might even be wrong?
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