Jakarta Metro Map on Imagine that a pin factory worker is able to make 1,000 pins per day. According to neoclassical economics, we would expect him, all other things being equal, to earn twice the salary of another worker who makes 500 pins per day, since in equilibrium no one would be willing to pay more than that to the less productive worker. As in other accounts of neoclassical economics, any other outcome is the result of a distortion, for example, if workers are unionized and control the supply of work, or hide individual productivity levels in collective arrangements. But, as we have seen, we find a much higher degree of inequality than what absolute differences in productivity could account for. Perhaps it is relative differences in productivity that matter, as the so-called tournament theory claims. Small differences may get huge rewards if being first is the only valid goal. Michael Jordan helped the Chicago Bulls score a few more points than their rivals, but that made all the difference, and that’s why he got such a high compensation. Jakarta Metro Map 2016.
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