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by jandrewrogers
2574 days ago
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To rephrase: Surpluses and shortages of skilled labor are very unevenly distributed. Differences in ease of automation will magnify this. If there is a demand for 100 neurosurgeons and then cut everyone's hours by 20%, you effectively created a shortage of 25 neurosurgeons. Decreasing hours doesn't increase supply and supply of highly skilled labor is not fungible i.e. you can't trivially retrain a PhD in electrical engineering or truck driver to become a neurosurgeon. This leads to the following conundrum: If we forcibly cut hours for everyone across the board then it will create severe supply shortages for the most highly skilled labor that is most difficult to automate, some of which already have severe shortages because it is so difficult to create supply. If we cut hours such that labor supply is proportional to demand then the most highly skilled labor that is most difficult to automate will be required to work by far the most hours, which isn't fair to highly skilled labor and creates a disincentive for required labor. Systematically reducing working hours may benefit the majority but it creates perverse social and economic dynamics for the highly skilled minority whose labor society can't easily replace. |
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The US labor market only really has shortages by design.