One thing conventional economists (not just the hypercapitalist Austrians) ignore is bargaining power. It's fashionable to speak of employers and employees as i

One thing conventional economists (not just the hypercapitalist Austrians) ignore is bargaining power. It's fashionable to speak of employers and employees as if both were spheres with equal power. In reality of course, people rent themselves into something which is accurately called wage slavery, where they spend their time under someone's command, watching their tongues. The hotel owner is far more powerful than the room cleaner, and it's very common for bosses to steal wages. (After all, which one can dish out the humiliation while the other takes it?) Another fallacy of mainstream economics is that markets exist without government. In reality, it is government which creates markets. And yet another fallacy is that markets do not have morality associated with them. Yet markets are intertwined with moral taboos about debt, even in cases where the powerless owe debts to the powerful. (Like with rotten healthcare systems.) David Graeber discusses the history interestingly in _Debt: The First 5000 Years_. Since the linked article is right-wing, here's a left-wing one which discusses some of these fallacies. (http://www.zcommunications.org/debt-slavery-and-our-idea-of-freedom-part-1-by-david-graeber http://www.zcommunications.org/debt-slavery-and-our-idea-of-...) BTW, if I had to choose between being a well-paid coal miner and a significantly lesser-paid doctor, I'd choose the lower pay.