But this will tend to neglect the fact that people can make choices which make them richer, possibly at personal cost. If we systematically ignore this, we will probably encourage people too much into careers which they enjoy with low consumption levels. I think it’s important to take both degree of sacrifice (because the amount we can do isn’t entirely endogenous) and absolute amount achieved (because nor is it entirely exogenous) into account.
But this will tend to neglect the fact that people can make choices which make them richer, possibly at personal cost. If we systematically ignore this, we will probably encourage people too much into careers which they enjoy with low consumption levels. I think it’s important to take both degree of sacrifice (because the amount we can do isn’t entirely endogenous) and absolute amount achieved (because nor is it entirely exogenous) into account.
Yeah good point.
If people choose a job which they enjoy less then that’s a huge sacrifice, and should be applauded.