• =?UTF-8?Q?QUORA=3A_Why_doesn=E2=80=99t_capitalism_seem_to_be_working_b?

    From (David P.)@21:1/5 to All on Mon Oct 25 13:29:34 2021
    QUORA: Why doesn’t capitalism seem to be working by
    raising the wages of truck drivers enough to relieve
    the shortage of available drivers?
    by Aaron Brown, Oct 8, 2021

    There is a specific and a general answer.
    The professional truck driver shortage began at least a
    year before the pandemic, & has even older roots. Truck
    driving is simply not an attractive profession for younger
    workers. The average entrant, prior to CoVID, was 35 yrs
    old (& remember than means many were older), & was usually
    the result of layoff or other problems in other jobs.

    The job demands for long-distance truck drivers make it
    difficult to start or maintain a family—esp. a modern
    2-career one. It can be satisfying for some people with
    grown children, esp. if divorced or not close with their

    Another issue is the future. Self-driving trucks seem
    likely to dominate in the near future, so who wants to do
    all the training for jobs that may not exist in 5-10 yrs?

    To address this, capitalism's working fine. Before raising
    wages, it's vacuuming up workers left behind by other
    industries. It’s also investing in automation &
    alternative transport.

    The more general answer is labor markets have lots of
    frictions. The biggest one is that in recessions employers
    lay off workers rather than cut wages. Cutting wages can
    mean the best workers leave, & some of the rest are
    resentful & less productive—they can even resort to sabotage.

    Some of the frictions are cultural—jobs have always meant
    more than an arms-length exchange of money for work. Many
    of them are legal and regulatory.
    Frank Loncar, Thursday
    One of the big issues is that in 2019 electronic logs were
    fully enforced, many owner operators had predicted they
    couldn't turn a profit without cheating on their driving
    time. Compound that with requirements for cleaner running
    trucks that seem to be less reliable & more expensive, the
    smart drivers found other employment. The trucking companies
    have placed all the financial risk on the drivers, thus the
    result is an industry in a tailspin in quantity & quality.
    Bruce Rosner, Saturday
    Supply doesn't necessary respond quickly to demand.
    It's called the business cycle.

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