I'm not an economist by training, but I've spent a long time observing markets, and I've often wondered what the great economic thinkers of centuries past (Marx, Smith, Keynes, others) would say if they were alive today and could witness the transformations that have been caused by mass media (radio, TV, print) and the Internet. The Internet, in particular, has had a transformative effect that will doubtless be studied for hundreds of years to come.One of the things that can be said about pre-Internet markets is that most markets permit the emergence of two or three major winners (a primary wi...

People get paid less than their employers' "reservation price" (the most they would ever pay), and more than their "marginal product" (the least they would ever work for). Your actual pay on that spectrum is based on your bargaining power, relative to your employer.Say your services to your company are worth $1000 a day. Under the gun, he would pay you that if he had no other choice. Say you would work for $100 a day if you had no other options. That's your range.Say you're new and independent and unknown, and your boss is Google. Google has more bargaining power, because they can just wait an...