For a singular job, yes this is true. Raising wages will convince workers to migrate from one job to another. The company that lost the employee can then also r

For a singular job, yes this is true. Raising wages will convince workers to migrate from one job to another. The company that lost the employee can then also raise wages to lure employees back, taking them from other companies. And those companies can try to raise wages, and so on. This cycle still leaves vacancies. At the level of the entire economy, raising wages cannot materialize more workers for every job opening. A couple centuries back, the majority of the labor force was working agriculture jobs. Now that number is a tiny fraction of the workforce due to automation by machines. If we didn’t have automation, we would absolutely have a shortage of agriculture workers relative to all of the modern job openings. The same thing is happening today with the jobs being automated away as workers move to higher paid jobs. This isn’t new or surprising. It’s been going on for centuries.