Well, certainly there can be structural shortages. Imagine all people under 60 disappeared/died (for whatever reason). You'd still have many elderly consumers,

Well, certainly there can be structural shortages. Imagine all people under 60 disappeared/died (for whatever reason). You'd still have many elderly consumers, but nobody to serve them. Of course we can get into immigration and a long tangential discussion. My only point being, there can be structural shortages that wages aren't able to fix. Another more realistic example would be a shortage of labor with a specific skillset. Wages can potentially fix this in the longer run by enticing people to pick up these skills (we see this in tech).