There is a mindset that the employee can set wages then find ( shop ) someone for the job at that set wage.
Question: do you shop like that? Do you have a set price for bacon at $3/pd and when you can't find any at that price do you say there is no bacon?
Agreed.
You’re a comedian. ;)
You’re right, but too late. Spiraling inflation, like the 70s, will always leave the worker without a chair, in the game of musical chairs. Unions will be raking in the money, what there is of it.
Businesses are trying to reopen after the massive loss of lockdowns and with the rising costs of inflation. They won’t even be able to keep up with inflation in wages, let alone attract people.
COVID (the government) threw everyone out of their jobs. Inflation will keep them out until they’re starving.
“Easy. Wages need to be raised. Labor follows the same supply-demand curve as any other commodity.”
We have been advertising for a professional and a support employee since mid-March. The ad does not state the compensation package. Not a single applicant for either position. This suggests that wages, supply and demand may not be the issue since an applicant has no idea how much we are willing to pay.
1. Employer can't find staff.
2. Employer raises wages and hires a few new staff.
3. Employer raises prices accordingly (this is driven by higher staff costs as well as inflation in all other areas of running the business).
4. A brief article appears in the local newspaper: "ABC Restaurant will close at the end of the month after serving the community for 50 years."
Ah, here comes Comrade Central_va, ignoring government distortion of the labor market and economy as a whole…