Shouldn't salary correspond to productivity in a free market, though? So the retirees will work in less productive jobs, on average.
It's an interesting question what it will do to the job market. I suppose it means it becomes pretty much impossible to find a joby that is both enjoyable and pays well because the retirees who don't care for the salary will drive that down.
> Shouldn't salary correspond to productivity in a free market, though?
Ideally, yes. In reality, that's rarely the case, which is why wealth distribution has become such an issue and incomes continue to rise for top earners while falling for those in the middle and bottom tiers.
It's an interesting question what it will do to the job market. I suppose it means it becomes pretty much impossible to find a joby that is both enjoyable and pays well because the retirees who don't care for the salary will drive that down.