"The market has said that you're currently worth/getting paid X" Has it? Seriously, who is this all powerful "market" that one can go ask and get an exact answ

"The market has said that you're currently worth/getting paid X" Has it? Seriously, who is this all powerful "market" that one can go ask and get an exact answer? What does "market" have to say about employers simply giving anemic raises, if they give any at all, to employees they believe will have trouble finding new employment? Someone's current wage is not correlated with the market wages for their current position.