In addition to the scarce production factor "capital", another one is now becoming scarce in many countries, such as in Switzerland: labor. But the elephant in the room is hardly ever named: lack of productivity. Some thoughts on that issue.
The pandemic has almost brutally exposed the lack of attractiveness of tourism and hospitality professions. To put it briefly: Those who find or have found something "better" are leaving or have already left - perhaps forever. Others may not even include these professions in their future plans. The reasons for this are well known: Compared to other sectors, there are often harsh working conditions, coupled with a lack of long-term and increasingly uncertain prospects - and often with rather modest wages and benefits.
