Earlier quoted context omitted.
> They are not and never have been. They have always been paid what someone is willing to pay them for the work they do. “Willing” is the wrong word. People are paid based on what the company can get away with paying them, as long as it’s less than the amount that they are “willing” to pay (then they don’t get hired). In other words, the labor market is more like a 2nd price auction than a 1st price. This is obvious…
Yes, companies have an information advantage in labor economics. People need to stop treating it like an Econ 101 equation.
But it is. Just because people are conditioned to avoid sharing information doesnt mean they cant break that norm and gain the advantage.
Unions are exactly that.