We get paid what the market thinks we are worth, not what you think you are worth.......
That implies a "normal" market. The situation local with pilots is actually a
monopsony and it it regarded as a market failure, in the same way as a monopoly is. Engineers actually have far greater opportunities to ply their trade in other booming sectors of the economy(mining) than pilots.
That said, on a global scale, the pilot market is operating just fine. There are fantastic opportunities for those willing to be part of the global market. Even if local wges stagnate, the wage differential will begin to widen & the process of pilots leaving local operators will accelerate.