How Much Value Does a Profession Bring to Society? Surprising Research Results
It seems that a high salary is a sign of success and the importance of a profession. But what if income doesn't always reflect the real benefit a person brings to society? A study by the New Economics Foundation in the UK sheds light on this question using the method of "social return on investment analysis."
It seems that a high salary is a sign of success and the importance of a profession. But what if income doesn't always reflect the real benefit a person brings to society? A study by the New Economics Foundation in the UK sheds light on this question using the method of "social return on investment analysis." This research helps us understand how different professions, whether highly paid or low-paid, affect society positively or negatively. The results were surprising.
Money and Value: Inverse Proportion?
The study covers six professions: three highly paid and three low-paid. Here’s what the data revealed:
Banker
With an average salary of around five million pounds a year, this profession destroys about seven pounds of public value for every pound earned. This could be linked to financial crises or speculation impacting the economy.
Advertising Executive
Earning about five hundred thousand pounds annually, this profession destroys about 11.5 pounds of public value for every pound earned. Despite its creativity, advertising often manipulates consumers' minds and stimulates overconsumption.
Accountant
With an annual salary of about one hundred and twenty-five thousand pounds, this profession also destroys about 11.2 pounds of public value for every pound earned. Complex tax optimization schemes and accounting manipulations are likely reasons for this negative impact.
Now let’s look at the lower-paid professions:
Hospital Orderly
With a salary of around thirteen thousand pounds a year, hospital orderlies bring around ten pounds of public value for every pound earned. During the pandemic, it became clear that such workers are the real "backbone" of the healthcare system.
Waste Management Worker
Earning a modest twelve thousand five hundred pounds a year, these people bring about twelve pounds of value to society for every pound they earn. Their work is crucial for the environment and public health.
Nursery Teacher
With a salary of about eleven thousand five hundred pounds annually, nursery teachers bring about seven pounds of public value for every pound earned. They shape the future of society by caring for the most vulnerable—children.
Contradictory Conclusions: The Higher the Salary, the Less Benefit?
The study highlights that some high-income professions negatively impact society, while low-paid workers, on the contrary, bring immense value. A paradox arises: those who earn the least often contribute the most to society.
Of course, the authors of the study acknowledge that their methods may be subjective and that their calculations cover extreme employment examples. However, there is something important in their conclusions: the modern economy doesn't always fairly reward socially beneficial work.
Why Does This Happen?
This raises the question of how society values labor. Highly paid professions are often tied to corporate interests and profit maximization, while low-paid workers perform jobs that directly impact people's quality of life. But the demand for such workers is often underestimated. People who care for the sick, children, or ensure cleanliness and order do essential work, yet their contributions are rarely adequately compensated.
The New Economics Foundation's study makes us reflect on how we value work. Perhaps it's time to rethink our priorities and question why those who bring the most benefit to society are paid the least.
How Much Value Does a Profession Bring to Society? Surprising Research Results
It seems that a high salary is a sign of success and the importance of a profession. But what if income doesn't always reflect the real benefit a person brings to society? A study by the New Economics Foundation in the UK sheds light on this question using the method of "social return on investment analysis."
It seems that a high salary is a sign of success and the importance of a profession. But what if income doesn't always reflect the real benefit a person brings to society? A study by the New Economics Foundation in the UK sheds light on this question using the method of "social return on investment analysis." This research helps us understand how different professions, whether highly paid or low-paid, affect society positively or negatively. The results were surprising.
Money and Value: Inverse Proportion?
The study covers six professions: three highly paid and three low-paid. Here’s what the data revealed:
Banker
With an average salary of around five million pounds a year, this profession destroys about seven pounds of public value for every pound earned. This could be linked to financial crises or speculation impacting the economy.
Advertising Executive
Earning about five hundred thousand pounds annually, this profession destroys about 11.5 pounds of public value for every pound earned. Despite its creativity, advertising often manipulates consumers' minds and stimulates overconsumption.
Accountant
With an annual salary of about one hundred and twenty-five thousand pounds, this profession also destroys about 11.2 pounds of public value for every pound earned. Complex tax optimization schemes and accounting manipulations are likely reasons for this negative impact.
Now let’s look at the lower-paid professions:
Hospital Orderly
With a salary of around thirteen thousand pounds a year, hospital orderlies bring around ten pounds of public value for every pound earned. During the pandemic, it became clear that such workers are the real "backbone" of the healthcare system.
Waste Management Worker
Earning a modest twelve thousand five hundred pounds a year, these people bring about twelve pounds of value to society for every pound they earn. Their work is crucial for the environment and public health.
Nursery Teacher
With a salary of about eleven thousand five hundred pounds annually, nursery teachers bring about seven pounds of public value for every pound earned. They shape the future of society by caring for the most vulnerable—children.
Contradictory Conclusions: The Higher the Salary, the Less Benefit?
The study highlights that some high-income professions negatively impact society, while low-paid workers, on the contrary, bring immense value. A paradox arises: those who earn the least often contribute the most to society.
Of course, the authors of the study acknowledge that their methods may be subjective and that their calculations cover extreme employment examples. However, there is something important in their conclusions: the modern economy doesn't always fairly reward socially beneficial work.
Why Does This Happen?
This raises the question of how society values labor. Highly paid professions are often tied to corporate interests and profit maximization, while low-paid workers perform jobs that directly impact people's quality of life. But the demand for such workers is often underestimated. People who care for the sick, children, or ensure cleanliness and order do essential work, yet their contributions are rarely adequately compensated.
The New Economics Foundation's study makes us reflect on how we value work. Perhaps it's time to rethink our priorities and question why those who bring the most benefit to society are paid the least.
