this post was submitted on 04 Oct 2024
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The thinking, I believe, is not that managerial work isn't work, but that ownership is not a reason to take a cut of the profits. Think of it more like - in a big corporation, lower and middle management does something useful (theoretically), as does the sales department, and even some of the corporate brass at the top. They still do some form of useful labor, even if primarily social and mental labor rather than physical.
But what do the shareholders do, other than make decisions whose only purpose is to maximize their own payout regardless of its effects on the health of the firm?
The managerial class may be over-compensated in our current system, but they still deserve compensation. But the investor class is parasitic, in this thinking.