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Employment is not an efficient market. Transaction costs are very high, bidding is not public, and utility is a non-linear function of more than just compensati
by andrewprock 7y ago
Employment is not an efficient market. Transaction costs are very high, bidding is not public, and utility is a non-linear function of more than just compensation.
- bongobongo 7y agoIt’s not a market at all, because participation, realistically speaking, is involuntary for most sellers. It’s closer to a feudal contract than an actual market.
- AtlasBarfed 7y agoI love it. Economists are in total denial about such things. EVERYTHING IS A MARKET RUBBER STAMP. Almost all of the US economy is a monopoly or cartel dominated by 1-3 corporations per segment.
- bongobongo 7y agoYep. Glad that there are at least a few people whose brains haven't been turned to mush by decades of propaganda and inflexible market fundamentalist orthodoxy.