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Free markets are not about just the power to allocate, but also transparent knowledge in a decision. The labor purchaser almost always has an advantage over the
by dlp211 5y ago
Free markets are not about just the power to allocate, but also transparent knowledge in a decision. The labor purchaser almost always has an advantage over the labor provider in their transaction and don't actually represent a free market.
Even in the tech industry this is true. People were shocked the other day when they found out that their income data was being reported and sold by the big credit companies in America. Google, Microsoft, Amazon, they all share their employees income data with one another through 3rd parties. They have so much more knowledge than you or I and it represents a huge advantage for them when hiring.
- sudosysgen 5y agoFree markets are supposed to transmit information as prices. Access to information has nothing to do with a market being free or not, and the fact that participants with an information advantage have an advantage is a big part of why people think markets should be free.
- DarylZero 5y agoInformation about prices is what they were talking about.