Question Economic Dogmas, Understand Labor Dynamics

The purpose of studying economics extends beyond merely obtaining answers; it emphasizes critical thinking to navigate potential deception by economists. Joan Robinson significantly shifted the understanding of labor markets by introducing the concept of monopsony, which refers to a market structure where a single employer has substantial power to set wages, often below fair compensation levels. This concept explains why wages in the U.S. have not kept pace with economic growth for decades, resonating deeply with graduates concerned about their own wage prospects.