Resolving an Economic Dispute on the Royal Rover
During a debate after a successful raid, a regular crew member argues that since there are 30 regular crew members and only one captain, the total portion of the spoils paid to all regular crew (30 members × 1 share/member = 30 total shares) is far greater than the captain's portion (1 captain × 2 shares = 2 total shares). He claims this proves that the regular crew as a group is more economically significant to the venture than the captain. As the quartermaster, responsible for upholding the ship's articles, evaluate this crew member's claim. In your response, explain the flaw in his reasoning and justify the hierarchical pay structure from an economic perspective, considering concepts like skill, risk, and incentives.
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Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
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Dispute Resolution Under Fixed Economic Rules
A pirate ship's articles dictate that for any captured treasure, the captain receives two shares and a regular crew member receives one share. True or False: If the total value of a captured treasure were to double, the absolute difference in value, measured in gold pieces, between the captain's portion and a regular crew member's portion would also double.
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Lorenz Curve for Spoils Distribution on the Royal Rover