If the market determined pay (employees shopped around and companies wanted to pay low), the resulting pay would be, presumably, lower than what people are comfortable with. Why is this? Are there any policies which have resulted in this gap? It seems unnatural to me.
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Automation? General increases in productivity over time? Look at the workers needed to produce the food necessary for the population in the past vs now.
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Biggest issue is automation, followed by limits in ability of markets to absorb more goods and services (because most people don't have enough money to buy what they could produce), and competition from lower wage countries.
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There is arguably no surplus of labor. The number of empty jobs is the same or greater than number of unemployed people. There's a mismatch in skillset and education, not an overall surplus in labor.
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In tech there's a shortage, in trade jobs there's a shortage. There are surpluses in, say, coal workers. But those workers are sorely needed in other industries.
End of conversation
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