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Loyalty discount: Difference between revisions
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Now none of this is to defend, much less justify, city pay levels. Should we shed tears about relative disfavour among a group as systematically overcompensated as city drones? We should not. And we do not. But still, we should understand the [[systemantic]] forces at play. | Now none of this is to defend, much less justify, city pay levels. Should we shed tears about relative disfavour among a group as systematically overcompensated as city drones? We should not. And we do not. But still, we should understand the [[systemantic]] forces at play. | ||
Fundamentally, the | Fundamentally, the allocation of financial capital — which is the sum total of what the financial services machine, at its most basic level, does — is a risky, important and therefore valuable thing. Markets that most effectively allocate capital do best. In any case, those who are good at it stand to make a lot of money. This will not change. Effective capital allocation is worth paying for. | ||
The [[JC’|JC’s]] operating premise is that those who do get to do it do ''not'' do nearly as good a job of it as they should. Our [[roll of honour]] refers. | The [[JC’|JC’s]] operating premise is that those who do get to do it do ''not'' do nearly as good a job of it as they should. Our [[roll of honour]] refers. | ||
If the system rewarded excellence, not mediocrity, perhaps fewer shitstorms would happen. So — with the caveat that, sure, everyone gets paid too much — we ask here a different question: how do we allocate pay more effectively? Resource allocation is, after all, what the industry is meant to be best at. | If the system rewarded excellence, not mediocrity, perhaps fewer shitstorms would happen. So — with the caveat that, sure, everyone gets paid too much — we ask here a different question: how do we allocate pay more effectively? Resource allocation is, after all, what the industry is meant to be best at. | ||
===Mediocrity drift=== | ===Mediocrity drift=== | ||
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{{sa}} | {{sa}} | ||
*[[Employment derivatives]] | |||
*[[Ergodicity]] | *[[Ergodicity]] | ||
*[[Lateral hire]] | *[[Lateral hire]] | ||