> That's clearly a faulty assumption. If production depends on a job and supply is short, then the value and pay will rise until supply meets demand.
I don't disagree with your statement about supply and demand. But as a matter of fact, the supply is never short, because structures of society force a large fraction of the population into jobs they cannot let go, whether they like it or not.
It is common knowledge that people of low social status are given a choice between shitty jobs and starvation. Saying "if the job is not good enough, supply will fall and wages will have to rise" does not take into account the highly competitive character of the job market, especially for those with low educational capital.
I don't disagree with your statement about supply and demand. But as a matter of fact, the supply is never short, because structures of society force a large fraction of the population into jobs they cannot let go, whether they like it or not.
It is common knowledge that people of low social status are given a choice between shitty jobs and starvation. Saying "if the job is not good enough, supply will fall and wages will have to rise" does not take into account the highly competitive character of the job market, especially for those with low educational capital.