That's a wild guess and I have no insight into the industry, but I wouldn't be suprised if it's yet another race to the bottom?
Labor seems to be one of the few things where supply and demand dont apply.
Happy to be wrong.
Labor seems to be one of the few things where supply and demand dont apply.
Happy to be wrong.
I don't understand this. From my perspective, the labor market in the United States today is possibly the best example of supply and demand mechanics.
It’s the only supply and demand metric he ever describes.
It was generalized into everything is a market, with jargon cottage industry springing up around everything; market is a hammer, and we pound nails.
At the low end, the market is directly supported by welfare programs. In the middle, supply friction is distorted by health insurance. There are meaningful market forces at play at the upper echelon, but it’s more a social market than tied to actual business outcomes.
However, discussion to this point notwithstanding, I still believe it's the most exemplary mechanic of supply and demand today.