That means the supply of workers in many countries is quickly diminishing.
I thought AI was going to take our jobs.
Right? They must not think AI and automation can replace very many human laborers, otherwise they wouldn't consider declining birth rates to be such a crisis.
You can have both a labor shortage and mass unemployment. It occurs when workers are skilled for an industry with decreasing or no demand while another industry that requires different skills has increasing demand.
A good example of this is the high demand in the US for so called "Blue Collar" jobs. We have a shortage of trades people (Electricians, Plumbers, HVAC, etc) and far too many Business and Marketing people. There's 100,000 MBA's out there looking for a job and there's 100,000 Plumbing Contractors trying to hire someone.
I thought AI was going to take our jobs.
Right? They must not think AI and automation can replace very many human laborers, otherwise they wouldn't consider declining birth rates to be such a crisis.
Of course it is! We are simultaneously facing a labor shortage and mass unemployment. The important thing is to keep being angry and frightened, the specific subject you're angry about at any given time is flexible.
You can have both a labor shortage and mass unemployment. It occurs when workers are skilled for an industry with decreasing or no demand while another industry that requires different skills has increasing demand.
A good example of this is the high demand in the US for so called "Blue Collar" jobs. We have a shortage of trades people (Electricians, Plumbers, HVAC, etc) and far too many Business and Marketing people. There's 100,000 MBA's out there looking for a job and there's 100,000 Plumbing Contractors trying to hire someone.