Provided the transaction cost of shifting jobs (which can include feelings of loyalty) is lower than the cost of training, any employee has the incentive to jum

Provided the transaction cost of shifting jobs (which can include feelings of loyalty) is lower than the cost of training, any employee has the incentive to jump ship. I.e., if transaction costs are $10k but training costs $20k, then a poacher can steal your trained employees by offering $15k more. I don't know why you think I'm disputing that transaction costs can cause markets to be inefficient - I agree completely. As a limiting case, if we punished quitting your job with death, shifting jobs would only make sense for the suicidal. What, exactly, do you disagree with me about?