The majority of US workers live in "employment monopsonies" where there is little or no competition for workers

[lolipop_jones]

Aw. c’mon Mike. You’re just supposed to read Cory’s headline, and react. Didn’t ya get the memo??

[john_c]

@anon50609448

I think the term “monopsony” which is obviously less understood than “monopoly” is kind of a childish language game. The idea that there is a buyer and a seller in every transaction is an obvious falsehood. Sometimes we find it clear which one is a buyer and which one is a seller, but that’s mostly just because we have a lot of magical thinking around money. If I pay $20 for groceries, it is no more true that I exchanged $20 for the groceries than it is that the store exchanges groceries for my $20.

The ordinary definition is that a buyer is one who desires goods or services, and a seller is one who provides them. Just as groceries would be a horrible medium of exchange, money has no intrinsic value as a good. How is that magical thinking?

I also think the term “monopsony” has become quite a bit more well known in recent years.