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In the recent election in Quebec, the province’s labour shortage was a hot issue. Indeed, as employers struggle to find employees, it’s become front-page news.
But what politicians and pundits define as a “labour shortage” is not what economists think of when they look at the labour market. The difficulty to fill vacancies is not necessarily because there are too few workers but because there are too few workers willing to work at the offered wage rates. Hirings are motivated by the extra revenue a worker brings to the firm. As long as the extra revenue exceeds the extra costs , hirings will continue.
With that in mind, the decried “shortage” is not some natural occurrence but rather the product of multiple government interventions that distort the labour market. Consider one potent example—the effect of government employment on the economy. When the government hires workers, it competes with the private sector. This would not be a problem if the wages paid by governments were in line with those of the private sector. However, in
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