875 (Part 1 of 10 series) Mr. Jeremy Corbyn is right in suggesting a wage cap, but it does not solve problems comprehensively

Last time we wrote about Mr. Jeremy Corbyn, the British Labor Leader, was in our blog post No. 795 Click to study post No. 795, wherein we have provided a link for the analyses made by Mr. Nick Cohen in Spectator.com. The article's title was "LEFT HAS A HISTORY OF FOOLISHNESS" in Spectator, dated 30th July 2016. Now, Mr. Jeremy Corbyn came up with a scintillating-sparkling idea, that a wage cap (a maximum earning limit) could be placed. Here is a link to a news report of Telegraph, UK which not only contains excerpts from the speech of Mr. Jeremy Corbyn, but also a link to his video speech, full text speech, comments-of-others on his speech. Some observers claimed that Mr. Corbyn's proposal as idiotic. Briefly, Mr. Corbyn's proposal says:

"...If we want to live in a more egalitarian society and fund our public services, we cannot go on creating worse levels of inequality. ..."

"...I would to like to see a maximum earnings limit, quite honestly, because I think that would be a fairer thing to do. ..."

"...We cannot set ourselves up as being a sort of grossly unequal, bargain-basement economy on the shores of Europe. ..."

"...It would be "somewhat higher" than the £138,000 I earn as an MP and Leader of the Opposition. ..." (Sky-news)

ybrao-a-donkey's personal observations, which are not intended to be imposed on others:

SELF-PRESERVATION- A BOURGEOISIE TRAIT

Mr. Corbyn, has made sure for himself that he will not lose, when a "maximum earning limit" is placed. This self-preservative precautionary condition is a bourgeoisie or petty bourgeoisie trait.

The proposal is good, but it will not work because, in a Capitalist System, Economies are managed by bourgeoisie. Petty bourgeoisie become only stooges and servants. Wages at top are not only arbitrarily determined, but also fixed by the promoters of businesses themselves, though sometimes in some countries, there may be stipulations such as Government's approval will be required for fat salaries of top executives.

HIGH WAGES OF BUSINESS EXECUTIVES

There is an erroneous belief among both bureaucrats and politicians world wide, that highly-paid executives can make a turn-round of loss-making businesses. The harsh reality is: A single executive, or a group of few executives, cannot turn around a business organisation, which shows a setting trend, owing to numerous reasons. Turning around, Profit-earning capacities, marketing-successes, production-successes depend on numerous factors.

HIGH EARNINGS OF SUPER-HUMAN PROFESSIONALS AMONG DOCTORS, LAWYERS, TECHNOCRATS

While some reasonable variations between "creative-dynamic-efficient-effective-result-oriented" professionals and "static-run-of-the-mill" professionals are possible and may, probably be justified, we can see abnormally huge variations among the earnings of professionals at top, at middle, and at the bottom of the earnings triangle. To appreciate this idea, some real-life examples may be given.

Thousand pages more can be written on this subject. To continue. सशेष. ఇంకా ఉంది.