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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Why is there a surplus of labor?
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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.
End of conversation
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