What would happen if HR truly operated in a truly capitalistic society where everyone is a rational actor?

In such a world, there would be a plethora of choices and perfect information about which choice to make.  Needs would be addressed quickly as businesses operate to fill that vacuum at maximum profitability.  Employees will find those organizations which put together the optimal compensation package with the appropriate work/life balance.  On the other side, companies will try to maximize employment with the best combination of knowledge, skills, and abilities at the lowest wages they can.  Equilibrium will always be reached where supply meets demand.  Consumers, companies and workers will choose the option that is most appropriate to their lifestyle.  Government will not interfere and "distort" the playing field.

What would this mean for HR?

• Would nepotism disappear as it would be viewed as an inefficient way to find talent, or is it, on certain occasions, a politically expedient choice?
• Would all salaries become public knowledge, as pay secrecy leads to imperfect information
• Would negotiation and pay unfairness become a thing of the past as all parties enter the contract with perfect information?
• Would there be a need for training as firms would only hire those who had the proper qualifications and skills to do the job correctly?
• Would there be a need for safety committees or OSHA, as taking shortcuts, in the long run, would be inefficient?
• Would wellness initiatives disappear, as employees make the right choice in diet and exercise?
• Would performance appraisals be done frequently to address any problems that arise, instead of waiting to be done annually?