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It’s funny how the power of markets seems so easily used to reinforce the current market outcome. Like wage prices are artificially high or right where they sho
by ianai 6y ago
It’s funny how the power of markets seems so easily used to reinforce the current market outcome. Like wage prices are artificially high or right where they should be because the market must be right. Without looking at the factors closely (like one should when discussing labor especially), there’s the possible outcome that current wages are held down below their market clearing prices by external factors and market power.
- Negitivefrags 6y agoThe market is always right pretty much by definition. The “external factors” you speak of are the market conditions in which the market operates. You can change the external factors and the market will rebalance to a new equalibrium but that doenst mean the market was wrong before and correct now.