It will quickly become clear that, even given the most inclusive definition of “for sale”, at least 19 in 20 of the salaries offered are being funded strictly by use value (that is, value as an intermediate good). This is our reason for believing that only 5% of the industry is sale-value-driven. Note, however, that the rest of the analysis in this essay is relatively insensitive to this number; if it were 15% or even 20%, the economic consequences would remain essentially the same.
