Which gets right to the point. Bread supply is elastic,you could quickly set up shop and produce more bread to satisfy demand whereas skilled labor is highly inelastic. Training, gathering hands-on experience, it's all a time-consuming process so there's a long time delay between when demand rises and when supply can rise to meet it
> there's a long time delay between when demand rises and when supply can rise to meet it
Yes, exactly. The demand curve shifts right and the markets find a new equilibrium (most likely at a higher wage than the old equilibrium), but there’s no “shortage”. It’s just markets clearing at a different price level than what people are used to.
Calling it a “shortage” is like saying every time Starbucks raises their prices there is a shortage of coffee — at the old price, sure, but not in absolute terms. That’s not how equilibriums work.
