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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Replying to @Aella_Girl
Conventional wisdoms says surplus of labor supply will not result in everyone withdrawing from the labor market, because people still need to eat. Instead, wages approximate minimum wage, or the wages negotiated by unions, unless you compete in a segment with labor shortage
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Replying to @Aella_Girl @Plinz
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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Replying to @speakthelogos @Aella_Girl
There is an oversupply of labor, except for jobs that require a high IQ. The number of CS graduates is not arbitrarily elastic.
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Replying to @Plinz @Aella_Girl
The number of dev, tech, and trade jobs that need exceptional IQ is fairly small. And the required IQ for meaningful cs work has been dropping for years. Ruby is easier than machine language.
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Replying to @speakthelogos @Aella_Girl
CS students appear to have an average IQ of around 125, and not all of them are good. General population has an average IQ of 100. At the moment, social mobility in the US seems to require considerable ability and dedication.
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Replying to @Plinz @Aella_Girl
Yes, not all of them are good. It's almost as if there's an imperfect relationship between IQ and market valuable programming ability. Certainly intelligence will help social mobility.
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And yet IQ is the single best predictor for income and social mobility we have.
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