When Supply and Demand Are Out of Balance, Blue-Collar Wages Rise
In reality, as education becomes more widespread, it has led to an imbalance between supply and demand in the labor market. There is a shortage of blue-collar workers, which drives their prices up. This is something already proven in developed Western countries, and China is now going through the same process.
If you break down blue-collar work further, you’ll find that those with certain technical skills who work in manufacturing and service industries tend to earn more—like contractors for home renovations, plumbers, electricians, and housekeeping services. Niche blue-collar businesses that can’t be industrialized or scaled also see their prices continue to climb, such as those requiring on-site, labor-intensive custom construction plans.
Many of these businesses are similar to the oncology industry—they’re long-term, high-value enterprises. If you’re going to run a business, you need to commit to it for life, without skipping a single day. If your work is perfect the first time and never requires follow-up, wouldn’t that mean losing customers altogether?
As experienced old-timers gradually grow older and retire, and with no one coming in to challenge them, they can charge as much as they want. Is there any fairness in that? It’s all based on experience, improvisation, and maximizing profit. And how many young people today really understand how this works?
