> • Barriers-to-entry – e.g., skills, ethical injunctions, psychological torment, qualifications… If these reduce the value you provide then that's as designed

> • Barriers-to-entry – e.g., skills, ethical injunctions, psychological torment, qualifications… If these reduce the value you provide then that's as designed. How can you provide value without skills? How can you provide value by _not_ doing things you find unethical? These aren't inefficiencies of the market for labor, they're facets of it working exactly as desired. > • Job security – some people are just too poor to go on the job market for a few weeks or months, meaning they don't have much leverage to get their employer to increase their pay… Do you... quit your job before you look for a new one? Increase in pay levels for lower skilled jobs is not really about individual cases, but the aggregate. If Profession X generates more value than the current pay level, that increases general demand for Profession X, and reduces the time needed to match up with a new employer. Sure there's some thresholding involved, but not enough to 'entirely decouple' price and value. > • Perverse incentives – some jobs are all about destroying value, e.g. loan sharks, most of the advertising industry… http://news.bbc.co.uk/1/hi/8410489.stm http://news.bbc.co.uk/1/hi/8410489.stm (2009) has a short list. Eh this is pretty hand-wavey stuff. Loan sharks don't _destroy_ value from an economic perspective. Nor does advertising. Nor does banking. Societal problems though they might have.