What will it mean to the economy if wages and other contract terms stop being set by the push and pull of negotiation and come to be set instead by arbitrators operating in accordance with some sort of de facto non-market custom?
That's a good point, Mickey! CEO pay has risen over 500% relative to worker pay in the last two decades, largely because those serving on corporate boards have a broadly self-serving interest in increasing management compensation, and shareholders are structurally cut out of the process.
Corporate governance reform is truly necessary.
