A Bit Rich:
Calculating the real value to society of
nef is an independent think-and-do
tank that inspires and demonstrates
real economic well-being.
We aim to improve quality of life by
promoting innovative solutions that
challenge mainstream thinking on
economic, environmental and social
issues. We work in partnership and
put people and the planet first.
nef (the new economics foundation) is a registered charity founded in 1986 by the leaders of The Other Economic Summit (TOES),
which forced issues such as international debt onto the agenda of the G8 summit meetings. It has taken a lead in helping establish new
coalitions and organisations such as the Jubilee 2000 debt campaign; the Ethical Trading Initiative; the UK Social Investment Forum;
and new ways to measure social and economic well-being.
Inequality and high pay in the UK
Wage-setting: the iron law of wages and the race to the bottom
The story of six professions
Appendix 1 – General note on method
Appendix 2 – Technical appendices
In this report nef calculates the value to society of a number of
different jobs and advocates a fundamental rethink of how the value
of work is recognised and rewarded.
A Bit Rich?
We are in the wake of the worst financial crisis for a century. Yet this Christmas,
many highly paid employees of City banks that are responsible for creating
this crisis are being paid extravagant bonuses. This comes at a time when
wage inequality remains stubbornly high, due in large part to the increased
concentration of very high and very low earners in the economy.
The controversies over City bankers’ bonuses raise fundamental questions not
only about the remuneration of senior executives and public servants but also
about the relative value of the work of everyone in our society. How should we
assess the wider contribution our work makes?
In this report nef (the new economics foundatio