I trust we're all familiar with the Paradox of Value -- that queer state of affairs in which diamonds, which are not good for anything, are very expensive, while water, which we all need to not die, is very cheap.
This has always reminded me of similar oddities in the labour market -- that a professional player of sports is paid millions of dollars a year, while a kindergarten teacher is paid much more modestly.
Am I correct in thinking that these are two sides of the same coin? Do the various resolutions of the Paradox also serve to explain the labour market? Or are there important differences between goods and labour that make this sort of approach unhelpful?