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It is, in fact, a terrible measure of "overpaid".
If I offer 100$/hr for a janitorial job will that person be overpaid? Of course.
That's got nothing to do with the person who ends up doing the job. I may well end up with an engineer with 20 years of experience who could earn almost as much doing something else.
The sad thing about rents is that often NOBODY gets them. They're just a deadweight loss.
If I offer 100$/hr for a janitorial job will that person be overpaid? Of course.
That's got nothing to do with the person who ends up doing the job. I may well end up with an engineer with 20 years of experience who could earn almost as much doing something else.
The sad thing about rents is that often NOBODY gets them. They're just a deadweight loss.
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