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Well over the longer period it will bring more people into the career. Economic issues work on the scale of years. But I assure you that if you start paying more now you'll see more people entering in 6 years (ie. you'll catch the attention of people in the middle of highschool and then when they pop out of uni they are yours for the hiring).

It fixes the shortage if you're the company having a hard time filling a position and you offer more money than anybody else. That's the basic premise of a market.

If you raise the salaries enough, people from other locations will move to take advantage of the opportunity.