alt Hacker NewsBut the value Y could also be put towards hiring somebody else to do an additional job, giving somebody else a pay rise, or giving money to the shareholders.
But the value Y could also be put towards hiring somebody else to do an additional job, giving somebody else a pay rise, or giving money to the shareholders.
In market dynamics, a worker becoming cheaper means that some employers will fight to hire/keep an employee on that surplus, thus driving the employment cost up for everybody else.
Yes, it probably would depend on positions and available talent, but overall and over a longer period, if applied universally to a market (say state like CA), it will be reasonable to expect salary increases (but not increase of how much is that worth because of increasing purchasing power, and increase in prices due to higher willingness to pay).