Comments by "Luredreier" (@Luredreier) on "The Great Labor Shortage Crisis | Economics Explained" video.

  1. The thing about high wages is that it causes wages to become a bigger share of the employers expenses and an area where they'll be more incentivized to cut costs in. They'll do so by make the jobs more efficient, requiring less labor. Self check out in stores, robots in factories etc. Or they'll go the other way around, so instead of being a fast food chain they might go for a more premium kind of experience, selling more valuable products allowing them to make up for their increased expenses. The whole supply and demand thing therefore will even out itself. And this happens even with reduced number of workhours. Shorten the workday but pay for as much as if it was a longer day, then the companies will do a mix of reducing the number of work hours required by reducing the total amount of work somehow (improving the amount of products or services the customer gets pr work hour from the employees), or they do indeed increase their prices, but they try to find some way to justify this in order to still be competitive. Inflation caused by wage increases is therefore a good thing, at least in my book...
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