Labor Shortages and Wages
The cluster debates how reductions in labor supply, such as from job quits or shortages, create upward pressure on wages via supply and demand dynamics, challenging views on wage stagnation and labor market responses.
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Lower worker supply because the job sucks? Increase wages. Capitalism!
Who'd have thought limiting the labour pool would drive up wages?
workers shouldn't benefit from rising wage markets?
Youre talking about a shotrage of labor.The creates upward pressure on wages, as businesses need to attract more workers.Dont see how this is a bad thing, given that wages have been stagnant for decades
Wages and salaries (and, perhaps, prices) would not go down. Your argument and the parent of it, is falling for the lump of labor fallacy. By adding supply of labor, the demand for labor goes up as well. It is actually well-agreed on by economists, but I see many smart people, on the left and right, get it wrong.I implore you both to read and listen about it (google/"lump of labor").
Reducing demand for labor to increase wages? What could go wrong?
This isn’t about “trickle-down”, it’s basic supply and demand. If there’s a low supply of workers, and the demand is high, the price of workers goes up.
if everyone does it, labor will become more scarse, and wages should go back up too to recover the some or all of missing 1/5, so please everyone do this!
More people entering the workforce kept wages down?
No. It's not. It's basic supply and demand. You see this every time there's supply side constraints on labor. Usually they're geographic and short lived but big ones sometimes happen too.