The more valuable the worker, the higher the bid for his services.
The high wage offer reflects rational concern of employers for their well-being, not a delicate sense of altruism or fairness. If you are technologically efficient in performing services which the community values highly, and if relatively few other workers are so productive, you will prosper.
It is competition among the hateful employers that raises wages, for they must bid against each other for labour to supply demanded products and thereby earn rewards. And it is competition among the lovable fellow workers that holds wages down by providing alternatives to employers…
The wage one employer is obliged to pay for labour is affected mightily by how much other employers are offering and it is a happy situation for me when rival employers bid against each other for my services. So competing workers offering labour lower my wage and competing employers bidding for labour raise my wage.
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