you are viewing a single comment's thread.

view the rest of the comments →

[–]Trajan 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

A quick follow-up. Scarcity and scaleability are highly reliable indicators of the value of a role. Scarcity is fairly obvious as it functions for people just as it does for commodities. If you have skills that are in-demand and are relatively scarce, you'll get paid more. Low-skilled workers are in general not scarce.

Scaleability matters greatly. Take the example of somebody delivering pizza. Sure, they can add value by being charming, and they can be efficient, but they'll only be doing one delivery at a time. Their work is not easily scaleable. By contrast, a person who designs a website for managing deliveries has created a scaleable service that can grow revenues beyond the individual effort put into it. Aside from infrastructure needs, a well designed system will scale from 100 clients to 100,000 with little effort. I've developed automation tools along those lines, where what begins with processing a few thousand rows of data, with good design, moves to tens of thousands.

Anyone whose objective is to make money needs to develop scarce skills. Take an interest in developing new skills related to your industry, even if you don't see an immediate application for them. If the long-term plan relies on the minimum wage being raised then you're doing it wrong.