Word: reflective
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...President Lawrence H. Summers continues to ruminate the suggestions of the Katz Committee, any further discussion about the living wage should center on the fundamental premise that people should lead dignified and decent lives. Moreover, Harvard has the financial and intellectual capacity to reflect on the state of society and on its own institutional culture. It should therefore constantly consider how to improve the lives of all members of its own and the wider community...
...second half was an entirely different story. Duke blew up from the field, draining 67 percent of its shots, and capitalized on Virginia’s foul troubles to outscore the Cavs 51-29 in the second half. The final score, 94-81, didn’t accurately reflect the thrashing that had been unleashed by the Blue Devils...
...called. After all, why shouldn’t firms outsource? Why shouldn’t the worker who is willing to render the best services for the least pay be the one who gets the job? Instinctively, most of us recoil in disgust at the suggestion that wages should reflect nothing more than the cold calculus of supply and demand. Yet, few of us realize just how essential this “cold calculus” is for the welfare of laborers themselves...
...free market, wages reflect the scarcity of those services that different workers can perform. In other words, suppose Bill is a good computer programmer but an excellent web designer. Which job should Bill take? At first, the answer seems obvious. Bill should design web pages. However, what if good computer programmers are hard to come by and web designers are a dime a dozen? In this case, the ruthless forces of supply and demand ensure that the wages of computer programmers are higher than the wages of web designers. As a result, Bill gets the “signal?...
Though it sounds nice to say that each laborer’s compensation should reflect his needs, the implementation of this view would entail losing all of the benefits of the division of labor. Instead of flowing to those jobs that will produce the most valuable goods for consumers, labor would be allocated according to the politicized vagaries of some kind of official bargaining process. Who would gain under this framework? If the experience of Cuba, North Korea, Soviet Russia and Communist China is any guide...