Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
Economic Ruin Due To Equal Pay
The Cuban government's policy of paying everyone equally, regardless of their skills, led to the country's economic ruin.
5
119 reads
Devaluation of Skill
Devaluation of Skilled Labor Doctors, lawyers, bakers, teachers, and taxi drivers were initially paid based on the value of their skills. However, the government's decision to pay everyone equally resulted in skilled professionals, like doctors, being paid less than taxi drivers, even though both professions lived in poverty.
5
89 reads
Brain Drain and Unskilled Labor
This policy caused hundreds of Cuban doctors to leave the country for better pay or to quit their professions to work in low-skilled jobs like janitors or hotel maids, as these jobs offered more income.
5
88 reads
Impact of Socialist Policies
The video argues that when governments implement socialist policies that attempt to reward people equally, innovators leave, competition declines, and the free market collapses, leading to widespread poverty and suffering.
6
83 reads
Understanding Value and Demand
The video emphasizes that fairness does not mean equal pay for everyone, as different skills have different values and demand. Individuals with highly demanded skills should be paid more, and if they are not, they will seek opportunities elsewhere. This is ultimately why the family in the video left Cuba.
5
73 reads
IDEAS CURATED BY
CURATOR'S NOTE
This video explains how communist policies, specifically equal pay, led to the downfall of Cuba's economy.
“
Similar ideas
10 ideas
Find out what thought is | Krishnamurti
Krishnamurti Foundation Trust
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates