I'm not convinced the first principals are so clear. Economics research in the last 30 years has often examined market distortion due to incomplete information

I'm not convinced the first principals are so clear. Economics research in the last 30 years has often examined market distortion due to incomplete information (especially information asymmetry) in the marketplace. Given the tendency to hide salary data, labour markets have very incomplete information. It's like having a stockmarket where the stock prices are secret.