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> far more unfilled jobs than there are unemployed people That can't mean "unfilled jobs at market wage", because jobs at market wage get filled (that's what m

• jon_richards 9y ago
  That's only really true over long time periods. If there are 600k doctor jobs and only 500k doctors, it doesn't matter how much you pay them, you're going to have to wait around 10 years for new students to hear that wages are high and decide to study medicine instead of something else.
  • Noumenon72 9y ago
    That's caused by regulation. There are easily 100,000 people who studied really hard at their nursing degree or pre-med who would make fine GPs if they were allowed to try.
• simonh 9y ago
  So if all the qualified people for a job are employed, and I want to employ one more, all I have to do is offer more money? All that happens then is that a suitable applicant quits their lesser paid job and takes mine, but at a market level that just shuffles the problem around. There's still an unfilled vacancy. It doesn't matter how much money you offer, the invisible hand of the market can't magically conjure up qualified experienced applicants out of thin air. This is the problem with this kind of blinkered market forces fundamentalism. The market isn't instantaneous, there isn't an endless supply of every product or service depending only on price, to fill every need. The real world is lumpy, and slow, inelastic and constrained.
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