The "labor market" is a pretty good example of how markets don't work. Workers are pretty much forced to participate in the "market" because they have to eat. This alone is a ridiculous distortion of market mechanisms. There are also huge information asymmetries regarding salary levels.
The "labor market" is a pretty good example of how markets don't work. Workers are pretty much forced to participate in the "market" because they have to eat. This alone is a ridiculous distortion of market mechanisms. There are also huge information asymmetries regarding salary levels.