I know that price elasticity is a commonly known, and well-studied field. I wonder if wage elasticity is similarly studied. I'd expect that in the short term,

I know that price elasticity is a commonly known, and well-studied field. I wonder if wage elasticity is similarly studied. I'd expect that in the short term, more qualified candidates suddenly entering a field (due to institutional barriers being torn down), would drive wages lower. In the long term, things might stabilize towards the previous status quo. However what is 'short term', and what is 'long term'? This is something I'd love to know if it has been researched, or if we're still floundering for an answer.