Noah Smith asks, “Why the 101 model doesn’t work for labor markets”.|
He realizes the answer but attributes it to Nick Hanauer.…
So Smith indeed concedes that the profession missed it out. But the attribution is incorrect. All this was figured out by Michal Kalecki in the 1930s....The Case for Concerted Action
Effective Demand And The Labour Market
Information Transfer Economics
It's a production input. No, it's a market good. Relax, it's both.
Noah Smith: "Why the 101 model doesn't work for labor markets"