3 ms·
Blindly following 'supply and demand' for the labor market does not make sense, for the obvious reason: participation by the suppliers is effectively mandatory.
by cmeacham98 6y ago
Blindly following 'supply and demand' for the labor market does not make sense, for the obvious reason: participation by the suppliers is effectively mandatory.
For the vast majority of people who need to work to be able to afford rent/food/etc, they _must_ sell their labor somewhere, and that choice is additionally restricted by the skills and experience they have (you can switch careers, but an animator can't just pack up and become a programmer immediately - significant time/money is invested to gain the skills and/or experience and/or credentials needed for another job).
In aggregate, the labor market generally follows "higher skill (i.e. lower supply) job = higher wage", but zoom in on any smaller part and that is not guaranteed.