Radio New Zealand - Te Reo Irirangi o Aotearoa
12 February 2012 - 9:24 pm NZ time
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Sunday, 14 March 2010: Pay and the Value of Work to Society
Listen to this programmeIdeas for 14 March 2010 (duration: 49′36″)
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In the 1970s America's top 100 CEOs earned on average 39 times the average American by the beginning of this century that ratio had grown to 1000 times.
So how does society determine people's pay rates and do those rates of pay reflect the real value of their work?
A British think tank - The New Economics Foundation - has looked into those questions and come up with some quite startling conclusion in its report A Bit Rich
Hosptal cleaners, the report found, returned 10 pounds of value to the community for every pound they were paid and city bankers destroyed six pounds for every pound they were paid.
Chris Laidlaw talks to one of the report's authors, Ellis Lawlor, and Jeremy Rose gets a more orthodox view of how the market determines pay rates from Westpac Bank research economist Dominick Stephens.
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