> because the labor market isn’t the same kind of market that your econ 101 supply/demand curves model.
Well, sure it is. The information asymmetry/individual motivation that you speak of doesn't make things somehow magically different, it merely helps determine, along with a myriad of other factors, the values for supply and demand.
> The real question is why are Google’s salaries so low?
Because that is where supply and demand meet, just as illustrated on the your econ 101 supply/demand curve. Quite simply, they don't have to pay more because supply is sufficient at that price to satisfy the demand.
Supply is sufficient at that price is just another way of saying it’s because workers don’t organize to demand more (in relation to the ambitious extent that their employers do coordinate to minimize wages)
Sure, I suppose. Supply and demand doesn't care as to what conditions establish the values of supply and demand. It is merely a hindsight observance what what conditions did occur.
Well, sure it is. The information asymmetry/individual motivation that you speak of doesn't make things somehow magically different, it merely helps determine, along with a myriad of other factors, the values for supply and demand.
> The real question is why are Google’s salaries so low?
Because that is where supply and demand meet, just as illustrated on the your econ 101 supply/demand curve. Quite simply, they don't have to pay more because supply is sufficient at that price to satisfy the demand.