"American executives argue—conveniently enough—that their compensation should be compared to what other American executives are paid. This argument has tended to be persuasive to American boards, which—conveniently enough—are made up primarily of American corporate executives. And big American investment management firms—also led by American corporate executives—likewise think this makes sense. Which is all quite nice, but if you tried convincing one of these very same executives that he shouldn’t replace an American factory worker with a cheaper Chinese one, he would laugh you out of the room."
From Matt Yglesias—who's almost always worth reading—about how US CEOs are paid way more than CEOs in other countries. Wages have been on my mind a lot lately as I'm writing a vision for a new way of thinking about pay at Zingerman's and simultaneously watching income inequality in America hit levels that would make a robber baron blush.