John Cochrane's blog
Sums up my list as well =)Happy Thanksgiving Prof!!Felicity
There is your log utility function. That's why high income earners should pay higher marginal taxes. :-)
Once, at work, my boss noticed that I seemed frustrated. I told him, "I'm not really stuck yet, but this problem I'm working on is more difficult than I had expected it to be." He pointed out that "if it were easy, you'd be making seven bucks an hour."In a reasonably efficient labor market, the less pleasant and more difficult a job is, ceteris paribus, the better it pays. If your job is challenging (and not in a good way), count it as a blessing - that's one of the reasons nobody is willing and able to do it for less.
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