This is the kind of logic only an economist could love. People still gotta get work done at the end of the day and they gotta stay in budget. Perfectly elastic markets are a fictional construct about as real as a perfectly round sphere oscillating in a perfectly sinusoidal fashion.

Go on any job site and you will see tons of openings for people with 5 years experience in <every buzzword tech in the book> for $50k/year. These employers will always struggle to find acceptable talent and will always complain.