Quick refresher on what the word "shortage" actually means.
SHORTAGE: Below market rent-controls. If more people want housing than there are apartments, and the price can't adjust, that's a shortage.
SHORTAGE: An oil supply shock as in the 1970s, and gas stations choose to ration fuel rather than profiteering by jacking up prices. More people want gas at that price point than there is gas. That's a shortage.
NOT A SHORTAGE: The lack of first-class flights from London to Chicago for $1,000. That ain't a shortage, it's a market-clearing price I don't want to pay.
I like the BCG quote: "Trying to hire high-skilled workers at rock-bottom rates is not a skills gap."
SHORTAGE: Below market rent-controls. If more people want housing than there are apartments, and the price can't adjust, that's a shortage.
SHORTAGE: An oil supply shock as in the 1970s, and gas stations choose to ration fuel rather than profiteering by jacking up prices. More people want gas at that price point than there is gas. That's a shortage.
NOT A SHORTAGE: The lack of first-class flights from London to Chicago for $1,000. That ain't a shortage, it's a market-clearing price I don't want to pay.
I like the BCG quote: "Trying to hire high-skilled workers at rock-bottom rates is not a skills gap."