The labor market policy discourse of recent years is characterized by a peculiar dichotomy. On one hand, the cause of the long-lasting and structurally entrenched unemployment is often interpreted as a result of a secular trend in developed industrial societies, which fundamentally calls into question the concept of an economy and social policy centered around gainful employment, making a return to full employment seem utopian. On the other hand, in light of current demographic forecasts, fears are already being expressed that a labor shortage could occur again in the foreseeable future. As contradictory as the problem diagnoses are, the economic policy conclusions drawn from them are equally inconsistent. Until recently, strategies for managing labor market shortages were still favored.