Terms like systemic failure, misguided, wanting, has been applied to the pseudo-science called economics and this is another example why economics/economist has fallen short.
They have treated human beings as just another factors of production and even then the main cost of production here is not labour but capital. land and taxation (government!).
So its OK for developers to make obscene profits but not for labour to get better salaries?
Is this what they teach in SMU-really world class!