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Originally Posted by aceventura3
But again, I go back to McCain and his point about education and training. People who are educated, trained and have marketable job skills, will be able to easily leave an employer paying them 70% on the dollar and go to an employer paying the full market rate.
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This statement right here is a wonderful example of why economics should come with a disclaimer stating "results not typical". Do you really think the job market is that fluid, that switching employers is just a matter of education, training and marketable job skills? Perhaps you should spend more time trying to get jobs...
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In a competitive market for employees, how can employers get away with paying people less than what they are worth? Do you assume the market for employees is not competitive? Could there be other factors affecting real wages? Factors like globalization, immigration, increases in non-wage costs for employees, slowed productivity growth, mechanization, etc.
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That's the problem with believing the in the work of invisible hands: it's too easy to forget that, in reality, work is done by people who aren't omniscient.