The economic Nobel laureate Angus Deaton has a clear view on the shortage of skilled workers. His understandable statement: it always depends on the price (i.e. wage) that entrepreneurs are willing to pay. “I am always cautious when people argue with a shortage of workers and do not want to talk about wages. The argument is: The Americans do not want to do the jobs, the Germans do not want to do the jobs. So we need immigrants. But often it is not that the Americans or the Germans fundamentally do not want to do the jobs. (…) They are just not willing to do them under the conditions that are offered to them. So maybe we should increase wages and improve working conditions.” – Angus Deaton, Professor of Economics at Princeton University and Economic Nobel laureate, in an interview with “Zeit” in “Life and death are more important than money – Do we benefit from immigration? Does trade create wealth? Are Americans really better off than Germans? Nobel laureate Angus Deaton believes: Economists are mistaken in their answers to these questions”, Die Zeit of March 27, 2024, No. 14
approach strategic pricing with a changed mindset and better assess the contribution of professional pricing to results.
