By using this site, you agree to our Privacy Policy and our Terms of Use. Close
sc94597 said:
Chrkeller said:

And LeBron gets paid 40 million to pay a game.  Supply and demand includes talent.

Again, do we really want to go down the path of suggesting that wages be directly determined by labor market forces? Especially given that there are many market failures in the labor market (i.e labor monopsonies/oligopsonies, knowledge asymmetries, disproportionate bargaining power, principal-agent problems, etc.) 

In the most affluent and thriving societies remuneration has been partially pulled out of and insulated from labor markets through systems like tripartism and codetermination. In the U.S this insulation used to occur through the proliferation of ESOP (stock profit-sharing) which were common in the 60's-early 80's in union shops. 

Neoliberalism, probably the largest blight in the western political-economies, is responsible for the disintegration of the mildly social capitalist post-war economic system in the U.S and aims to do the same in much of Europe. 

Supporting raw capitalism in labor markets (which is what arguing that wages should be determined directly from supply and demand does) is not a centrist or "apolitical" belief, but a pretty entrenched right-wing one.  

For me, yes.  I like my pay check and feel the need to share it with others.