In my labor geography class the labor market segmentation theory was mentioned i.e. the notion that the labor market market is segmented as sub groups can't cross over to other jobs (e.g. certain ethnic groups dominate some jobs or if you're a 50 year old auto worker and just lost your job and can't find another job at the same salary), or recieve lower wages compared to other people in the same position
I'm very curious on the Austrian view of this theory. Is it nonsense or is there some validity?
Makes sense to me.
"If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion."
Supply and demand.
Sounds like specialization using other words. "Segments", however, have two issues - first, they invoke an image of the rigid caste-like segregation. Second, they are too anti-individualist to my taste - I prefer saying that people have certain specialization/qualifications.
Sure, a guy who workerd all his life as a policeman cannot readily switch to being a (reasonably good) doctor. Nothing controversial here (but the wording).