Premium Commentary & Analysis
When Demand Rises, Prices Rise; When Demand Falls, Prices Fall
That's the basic law of economics when the supply of a good or service is constant. There's been some discussion of late about the scarcity of print workers and the need for many thousands of them. One of the clues as to whether or not there is true demand for or a shortage of workers is the change in wage levels that the marketplace offers. If wages are up, there is greater demand for workers; and if wages are down, there is obviously not. Wages are the prices set by the interaction of workers and employers in a marketplace for long-term work. Higher wages attract workers who had previously been outside the industry; lower wages inside one industry send discouraged workers elsewhere.
By Dr. Joe Webb
Published: July 20, 2009