Why American wages haven’t grown despite increases in productivity
"Previously, globalization and automation have been blamed as primary causes of slow wage growth. But more economists suggest that labor dynamism plays a crucial role as well. American workers today are changing jobs less frequently than before, even though job switching leads to strong take-home pay growth. And while some Americans don’t switch their jobs out of a desire for stability, others feel they can’t because of limited job mobility. In many local markets, companies use the lack of competition to suppress their workers’ wages."