REFERENCE: "Competition is on the Decline, and That's Fueling Inequality"
Walter Frick, Harvard Business Review, March 24, 2017, interviewing Jason Furman, Chair of the Council of Economic Advisors under President Obama
Incomes are becoming more unequal at all levels - the same work being paid less in one company than another, or in one area than another. One cause of less competition for workers - fewer companies in most industries - also, larger and older companies. With less competition, workers have no bargaining power, and it shows - less income is paid to workers - more national income is going to investors, rather than wages. Other causes of wage inequality - skilled employees clustering in high-paying firms, and different salaries for the same jobs without minimum wage standards, unions, or guilds. In emerging professional and technical areas there are often not as yet accreditation standards, nor even professional organizations, as data and analytics explode and the world goes digital and automated. Workforce inequality that is left to grow, without shared intervention and investment, will kill the golden goose that pays us all, turn business into politics, and us turn us against one another. On our part, we hope to see education curriculum, job qualifications, and paths upward to greater contribution and responsibility. Equal pay for equal work is everybody's business.