Why “labour shortages” don’t really exist

Talk to a business owner in any country and, before long, they will voice a familiar complaint. In low-unemployment America, a third of firms say they experience recruitment challenges as candidates lack the right skills. In high-unemployment Italy, a quarter have the same complaint. Labour shortages are, apparently, not just a problem in rich countries. Goldman Sachs, a bank, reports that officials, regulators and private-sector folk in India worry about a lack of skilled labour. From Hong Kong to Guatemala, over two-thirds of employers moan about a talent shortage, according to a survey by ManpowerGroup, a consultancy.