[tptacek]

I wonder, if you do the math on equity compensation versus compensation in the job market as a whole, if returns from equity aren't just a tiny, insignificant sliver of overall compensation that we happen to take seriously because of availability bias.

Either way, I do not believe it to be a "key component" of "modern compensation". Tech companies can pay strong salaries just like other companies. They choose not to. That could change, and I think should.