As the labor market tightens and the economy continues its longest expansion since World War II, banks have embarked on a hiring spree. To make themselves more competitive in the labor market, Bank of America announced that they’ll increase starting pay for bank employees from $15 per hour to $20 in the next two years.

This is an objectively good thing and one that demonstrates why free markets work. If a bank teller can either work at Wells Fargo or Bank of America, and the latter offers a better starting wage, Bank of America benefits by acquiring more applicants and having the opportunity to hire and retain the better ones.