Remember, that third year EM resident who is practically running the ED earns about 13-14 dollars an hour too. 50k isn't exactly a lot when working in the 60-80 hour range.
If that's the measuring stick that you want to use, than a lot more than an EMT or paramedic. I can't think of the last time I needed EMS. The last time I needed a fry cook was last week. Also garbage men would be paid like physicians.
Many people work 50-80 hours and make less than 50k. On a historical and global scale, we should all be so lucky to have so much, though I am as irrational and greedy as anyone else. I have no qualms about keeping medicare expenditures, and in turn resident income, low. (The tuition and loan situation is another matter). The pay is low because it can be low, there is no incentive to change it, and perhaps increased funds would be better put to use to fund additional slots.
I am not sure how to respond to your statement on labor value.
I cant make value comparisons between the four professions mentioned as they respond to much different forces and thus has different values. You would need to generate a curve and mathematical model for each job, they are not interchangeable or readily comparable. I would also challenge your confusion of economic need vs. want, though I understand your colloquial usage of the terms.
I apologize for the confusion if you misunderstood my point, but I am more of the neoclassical subjective LTV school of thought.
In brief, for the purpose of fry cooks, the largest determinant of their value is the convenience they produce. other determinants being ease of replacement and workforce entry, minimal marginal utility, and elasticity of labor demand, among others.
The open market curves do not presently favor a high wage value for standard fry cooks. To raise wages involves some sort of wage/price floor, resulting in a reduced profit in the firm, and thus an increased cost to the consumer, thus a decreased convenience. For the typical QSR fry cook, being cheap and easy is fundamental, as cheap and easy is the product they are selling. However, there are many factors at play, and consumers are free to determine value as they wish, although I would posit that in an open reflexive market a higher paid fry cook would need to generate enough of a comparative advantage to offset the price increase. (similar to the 5 guys burgers model) Though then we open the door to discussing assigning precentage value to the worker vs. the firm for the increased revenue, which is difficult.
Though I will acknowledge the labor market is not truly open.
So...that is(are) the measuring stick(s) I am using...
I would guess that your thinking is more along the lines of an old thought experiment known as the 'diamond-water' paradox. Allowing for consumer subjective freedom helps resolves that. Wikipedia may help if you wish a deeper understanding.
As confusing as all that is, basically I am presupposing the company is going to act to maximize revenues. Often, this entails keeping wages low, prices low, the inexorable link and elasticity of the two.
Perhaps to clarify I would suggest that the wage/labor curve responds to a much more rational assumption that workers wish to be compensated for their labor. They own their own labor and sell it accordingly.
For EMS, there is much more irrationality (in an economic sense) in the mix as laborers are willing to work for free or reductions in income out of the goodness of their hearts., or because it is cool and fun, or because it is a stepping stone to better things. This factor reduces the ability to quantify the labor value, and I would think, reduces the income but offsets it by exchanging other consideration. If this is the case, and I believe it is, it diminishes the value of EMS over the long run, and the maximal "income" is garnered roughly around 3-7 years. It is an occupation best enjoyed in the short run. Interestingly this time frame is probably where the majority of folks leave the field...though I wont speak to causality.