Why Is It So Hard To Find Work? Blame Monopsony

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There's no shortage of employees, there is, however, a shortage of employers. This phenomenon is called monopsony and it's motivated by the belief that one company thinks its the only company in town. According to an article from Slate, economists believe competition between employers and industry consolidation (such as mergers) is the culprit behind the flooded job market. This is also the reason why it's so hard for employers to offer substantial wages to employees.