[alexanderstears]

It's not as if the skill shortage reflects some barriers to entry (like the Doctor's union deciding how many people get to go to medical school). The skill shortage reflects the difficulty of acquiring the skills, the high salaries are critical to ensuring that skilled people develop their technical skills.

I don't know how much a piano teacher costs, but I know it's the right amount because that's the equilibrium.

A more efficient allocation of resources would look like getting rid of 'too big to fail' banks and decreasing the rent that the finance industry extracts.