The 15-Minute Economist by Anne Rooney

Author:Anne Rooney
Language: eng
Format: epub
Publisher: Arcturus Holdings

Scarcity: skills shortage

It is not always the case that any particular individual will have difficulty finding a job in times of high unemployment. Even during an economic downturn, some skills might be in high demand while there is a surplus of other types of worker.

Despite high general unemployment in many economies, employers sometimes grumble that they can’t find the staff they need. This often applies to people with specialist skills such as engineers or surgeons. These jobs command high wages because they are difficult to do, and employees have invested time, effort and perhaps money in learning to do them. They want to be rewarded for their investment by earning more than an unskilled worker. At the same time, it is not a simple matter for an unemployed person to retrain as an engineer or surgeon, so the high demand does not rapidly lead to an increase in supply.

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