In a winner-take-all market,
small differences in ability get translated into big differences of income. income is determined by average productivity. comparable worth determines the amount people earn. the criteria for justice set out by John Rawls are met.
The argument that winner-take-all competitions tend to attract too many applicants is based on the:
assumption that people are not rational. assumption that people like risk. fact that marginal values lie below average values when average values are falling. tendency for the winner to capture only a fraction of the total value of the position.
