Re:Kitchen worker becomes part-owner of top restaurant
by danbruc on Wednesday March 01, 2017 @05:01PM
(#13768898)
There is a large pool of low-skilled workers, for whatever reasons, maybe because we are doing a bad job qualifying people, maybe because there are many people that are unable to obtain higher qualifications, maybe just because everybody is automatically in the low-skilled worker pool but not everybody is automatically in the high-skilled worker pool, may because everyone starts in the low-skilled worker pool. Or something entirely different, it does not matter.
The market exploits this situation because a large pool of workers is competing for a smaller pool of job driving wages down. At the same time the market is empirically unable to correct this, otherwise there would be no such imbalance. Maybe it is not the market's fault but that of society or policies or whatever. In the end the market wage is not where it is supposed to be, the market is not supposed to keep people poor.
So any argument referring to market wages falls short in my opinion. I would call this a market failure in some sense, the market overemphasizes the available worker pool devaluing low-skilled but honest and possibly hard work. Whom to hire? The most qualified one for the job, this should be independent of what you are willing to pay.
The market exploits this situation because a large pool of workers is competing for a smaller pool of job driving wages down. At the same time the market is empirically unable to correct this, otherwise there would be no such imbalance. Maybe it is not the market's fault but that of society or policies or whatever. In the end the market wage is not where it is supposed to be, the market is not supposed to keep people poor.
So any argument referring to market wages falls short in my opinion. I would call this a market failure in some sense, the market overemphasizes the available worker pool devaluing low-skilled but honest and possibly hard work. Whom to hire? The most qualified one for the job, this should be independent of what you are willing to pay.