Why would an editor want to do work whose compensation is very risky (maybe you’re editing the next Harry Potter, but >80% of the time it’s going to lose money) instead of work whose compensation is certain?
This is compounded by adverse selection: the better my thing is, the less willing I will be to sell equity, and so the equity markets will be mostly flooded with garbage.
Why would an editor want to do work whose compensation is very risky (maybe you’re editing the next Harry Potter, but >80% of the time it’s going to lose money) instead of work whose compensation is certain?
This is compounded by adverse selection: the better my thing is, the less willing I will be to sell equity, and so the equity markets will be mostly flooded with garbage.