Well, if you asked one of the top dogs, they'd tell you that they need to pay that much to attract the best and the brightest, that talent follows financial incentive. On the face of it, it almost makes sense-- that the best and brightest minds in the economy will go where they can make the most money for the least effort. This assumes that the best and brightest are somewhat lazy and only motivated by cash; sociologists are still arguing over that, but I'm not qualified to dive into their debates. What I want to ask is whether they really believe that the world really works that way, these men at the levers of power.
It's a simple question to answer. If we really believe that talent follows the money, we should logically structure our society a certain way; if not, we won't. So, if we really bought into this, how would the world look?
Well, if you asked most people, I suspect they'd say that a cure for cancer would be a good thing to have. Vital, for many of them. Curing cancer, as it turns out, is harder than running a profitable business. Much harder. Thousands of corporations turn a profit each year, after all, and we've yet to definitively cure a single type of cancer. So to attract the top talent, the best brains, the men and women researching a cure should be paid appropriately, right? Hundreds of times the average CEO pay?
If you want the talent, you've got to pay for it, or so goes CEO-logic. So why do postdocs only make 30-50 thousand dollars? At Stanford , for example. Which I should tell you is not a terribly cash-strapped institution, and have quite competitive pay scales.
Competitive for research, that is. Not competitive for anything else you have to spend 10 years in school to do. I submit, then, that either North American society cares more about public transit than it does about curing cancer, or we don't really believe in financial incentive.
Personally, I imagine it's the later, but who knows? Maybe I just care too much about tumorous growths. If you don't think curing cancer is a high priority, replace it with heart disease, or any other medical problem. Or if you're more concerned with energy than medicine, try that. Whatever your priorities, the paragraphs above stay the same: the research that advances our civilisation doesn't pay like it would if we really needed money to incentivise.
Of course that's the difference: double my pay, you won't get one iota more work out of me. Pay me like a CEO, and you'll still get the same output: all I can do.* There are other, better motivators than money: there's simple craftsmanship, pride in doing a good job for it's own sake; there's the altruistic drive to do good for your fellow man; there's the selfish desire to go down in history; et cetera.
"There are more things in heaven and earth, Horatio,
Than are dreamt of in your philosophy."
Than are dreamt of in your philosophy."
*In all honesty, if you paid me like a CEO, I'd treat almost all of that salary as a research grant and build some dedicated instruments-- so you might actually see more results from me, but not because I'm any more motivated or working any harder. This isn't how it works with most bankers and CEOs; except for small business owners (who don't make the millions anyway) their immense salaries are never rolled back into the business, even when it is going bankrupt.