It doesn't matter if both parties are informed, the balance of power is what matters. It doesn't matter how well informed you are if your other option is starvation.

Everyone, and I mean everyone I've ever met that makes this argument is coming from a position of power themselves. They some rare ability in a labor constrained market and want to generalized their situation to everyone without realizing the massive abuses that already occurred that mandated these rules in the first place.