Answer to Question #261585 in Management for jean

Question

Explain this statement: “The price of ability does not depend on merit but on supply and demand.” –George Bernard Shaw

Answer 1

It means that ability is invaluable and if it were to be priced, then it could be very expensive. It therefore depends on how many abilities are in the market such that if many people are available to offer the same ability then the price will be based on supply which will likely reduce the price. On the hand if the people providing the ability are few, then the price will be very high.