4 ms·
Direction doesn't matter if magnitude isn't significant, and we have no evidence that it is. This is just a variant of argument from ignorance (http://en.wiki
by pg 15y ago
Direction doesn't matter if magnitude isn't significant, and we have no evidence that it is. This is just a variant of argument from ignorance (http://en.wikipedia.org/wiki/Argument_from_ignorance http://en.wikipedia.org/wiki/Argument_from_ignorance).
- etherael 15y agoTo claim that it's unclear what the effect of a no poach cartel is on engineering salaries is at the same time to claim that it is not necessary that there should be legislation preventing no poach cartels from existing. Do you believe this to be the case? If so, do you really mean to say that engineering salaries should not be set by market forces?
- keeptrying 15y agoPG is just saying that if it had been a competitive market we dont know the extent of how much it would have increased engineering salaries. Thats true. However lets take the case of NEw York where you can get program trading jobs for $300K and I have friends who got these kind of jobs. Hedge funds routinely pay $250K plus. I think this is what would have happened in the valley.
- etherael 15y agoThat sounds like a reasonable assumption to me also.
- anonymoushn 15y agoWhich companies are paying this, and what type of software are they making?
- aptwebapps 15y agoTrading companies. They're writing software in house to control stock trading (or that of any other financial instrument that's on the market. The software is so directly responsible for profit margins that the companies are forced to be very competitive with their compensation.
- anonymoushn 15y agoI was hoping for a more specific answer. I currently work at an algorithmic trading firm making software that trades securities, but I didn't find a position like this at $250K/year.
- keeptrying 15y agoAlgo trading at the bigger banks. Any head hunter in NYC can help you find such a position.
- cbsmith 15y agoI don't think that at all makes sense. The finance business in general distorts pricing. There are a whole host of professions that pay significantly more in NY than they do anywhere else.
- pg 15y agoDoes asking for evidence that a murder attempt succeeded imply that one thinks murder should be legal?
- chacham15 15y agoThere is evidence that collusion in the job market does not necessarily have an effect on wages: http://ideas.repec.org/p/esx/essedp/626.html http://ideas.repec.org/p/esx/essedp/626.html. Interestingly enough, the research "provide[s] strong evidence of a negative effect of collusion on labour productivity growth"
- TheCowboy 15y agoIt doesn't seem to relate to this situation at all. I could only make it through about 15 pages due to the author's writing style. Collusion for these firms was price-based collusion for products, not collusion to suppress the input costs of highly skilled labor. Manufacturers are said to have engaged in establishing minimum or fixed prices for their products. Consumers will tend to absorb this form of market inefficiency. After the cartel agreements were broken, consumers reaped the benefits in the form of the "intensification of price competition" (lower prices). It suggests that only in one case was there collusion in R&D, which might be a relevant example. Additionally, the article cites outside competition from the USA as a factor. Competition from foreign sources on engineer wages such as India is still nascent. US manufacturing during this period was mature and robust.