> there's a long time delay between when demand rises and when supply can rise to meet it Yes, exactly. The demand curve shifts right and the markets find a ne

> there's a long time delay between when demand rises and when supply can rise to meet it Yes, exactly. The demand curve shifts right and the markets find a new equilibrium (most likely at a higher wage than the old equilibrium), but there’s no “shortage”. It’s just markets clearing at a different price level than what people are used to. Calling it a “shortage” is like saying every time Starbucks raises their prices there is a shortage of coffee — at the old price, sure, but not in absolute terms. That’s not how equilibriums work.