If you make $60,000 a year for a job, you are doing decently well on a US-wide perspective (and very well on a global perspective). However if your coworkers, doing the exact same work as you exactly as well, make $120,000, you’re in fact being underpaid.
And the solution to the first issue isn’t to attack the people making $60,000 but to bring everyone who is underpaid up.
No, he's including in the compensation the experience etc.
It's not strictly a free market so the market closing price will be lower than true equilibrium because a no-agreement for one negotiator (labour) results in starvation but a no-agreement for the other negotiator (employer) results in minor discomfort.
Perhaps allowing the former to negotiate freely by guaranteeing life will bring negotiation outcomes closer to true market closing price. That's got its own problems, of course, but unions aren't a bad idea to attempt to increase power of labour vs employer.
"Experience" has nothing to do with compensation. You don't deserve more money just because you have been around longer. It is appropriate to make it proportional to value creation. Experience helps with this but obviously then the correlation will be lower.
I'll ask my landlord if they take that next time. I'm sure the company would love to earn experience from my work instead of money too since it's so valuable.
Maybe you can somewhat pay your landlord in living experience, frequently blogging about your amenities included in the place for a possibly more-than-one-time rent extension for pandemic purposes.
Prince Harry move to Montecito increased property values around his house (https://nypost.com/2021/03/08/montecito-home-next-to-prince-...). I am sure many luxury buildings in any city would be happy to rent apartment to him for free just for publicity it will generate. This is equivalent to having Google/Apple on your resume.
There is a huge gulf between "we agreed on these terms given extant circumstances" and "this is a voluntary relationship". The gulf exists because extant circumstances can be inherently coercive.
And the solution to the first issue isn’t to attack the people making $60,000 but to bring everyone who is underpaid up.