wat... "your time is more valuable than any of the people".. i couldn't disagree with this more... but the concept of using time where best placed I agree with.
From a simple dollars and cents POV, the manager usually makes more money than any of their workers.
I've seen many senior engineers earn more than their manager.. especially with geo-separated teams. I don't think the pay argument holds true...but 'do your job' is a better argument.