3 ms·
Or because: * Switching costs for changing careers are high. * Collusion between employers. * Collusion between employees. * Products being exchanged are no
by munificent 3y ago
Or because:
* Switching costs for changing careers are high.
* Collusion between employers.
* Collusion between employees.
* Products being exchanged are not commoditized.
"Free markets" work great for determining prices for easily manufactured commodity products like toilet paper. They work way less great for basically everything else.
Employing someone to create artwork is just about as far from an efficient market as I can imagine.