There is no reason to think that's the simplest explanation. An equally simple explanation is that for the majority of jobs there is essentially a wage monopol

There is no reason to think that's the simplest explanation. An equally simple explanation is that for the majority of jobs there is essentially a wage monopoly/cartel keeping wages low, and workers have significant barriers to moving to different areas. [1][2][3][4] [1] https://www.vox.com/the-big-idea/2018/4/6/17204808/wages-employers-workers-monopsony-growth-stagnation-inequality https://www.vox.com/the-big-idea/2018/4/6/17204808/wages-emp... [2] https://www.thenation.com/article/does-monopoly-power-explain-workers-stagnant-wages/ https://www.thenation.com/article/does-monopoly-power-explai... [3] https://ilsr.org/monopsony-labor-blp-episode-42/ https://ilsr.org/monopsony-labor-blp-episode-42/ [4] https://www.epi.org/publication/its-not-just-monopoly-and-monopsony-how-market-power-has-affected-american-wages/ https://www.epi.org/publication/its-not-just-monopoly-and-mo...