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this post was submitted on 15 Aug 2023
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The supply of unskilled labor vastly outstrips the demand for it, which keeps prices on unskilled labor low
So you say, but just think back to several months ago, when all anyone could talk about was the labor shortages in the US and the ever present tagline "Nobody wants to work anymore". So forgive me if I don't really believe you that supply vastly outstrips demand.
As a general statement, that might be the common conception. But the truth of the matter is, no matter how much supply of labor there is, and no matter how much demand there is for labor, if the conditions aren't actually desirable, the labor is not going to work for any price someone with an ego sets. People seem to forget that when you're talking about supply and demand that there are lower bounds. Even basic theories like supply and demand do break down when they get too distant from the reality it is supposed to be modelling.