> These same employers (famously) had a cartel that prohibited job hopping before - the Jobs/Schmidt email - so it’s not surprising that the system would trend

> These same employers (famously) had a cartel that prohibited job hopping before - the Jobs/Schmidt email - so it’s not surprising that the system would trend toward the same equilibrium again. This explains this phenomenon plausibly for the FAANG companies. But I think there also exist lots of startups that could easily act as a cartel breaker - to their advantage, since this way they can poach from other companies.