Re:I assume I’m below average (2010)
by dragonwriter on Tuesday December 15, 2020 @02:14PM
(#25433841)
> Human on Human interactions, which are required for the majority of employment, employ game theory to ensure that your pay is below your value.
Sure.
But now we're talking about “in practice” not “by definition”.
Re:I assume I’m below average (2010)
by Supermancho on Sunday December 20, 2020 @11:13AM
(#25487210)
In theory there is no difference between theory and practice – in practice there is” (Yogi Berra)
I do not use the "ideal market conditions" theory to describe what happens in practice, because it has little utility (except in predicting some very constrained trends).
Human on Human interactions, which are required for the majority of employment, employ game theory to ensure that your pay is below your value. When talking about labor groups/unions you can approach an ideal scenario. Even those will have variation that are manipulated by human to human interaction.
There are no "ideal market conditions". The real conditions are such that, statistically, you will be underpaid in comparison to your value within a company. Sometimes you get lucky and drop into an upside down position, which is overpaid, but that's the best wage slaves can hope for.