Price Discovery happened in the marketplace for jet airline first officer in about 2006. It has continued happening since then and during this phase there has been a credit crunch and a recession.
The price discovery process revealed to airlines that junior first officers would accept a significantly lower price for their labour.
I'm not sure whose 'fault' that was. The employers for exploiting new information? The labour for lowering their price? The banks for supplying the credit? The government for allowing a property asset bubble and loose credit market to establish?
There is no right answer. Only the fact that the airline market is a tough one for all involved. Has been since the 1970's.
I save my real sympathy for the poor sods who couldn't pony up the money for the glitzy schemes and are plugging away in the sub-airline sub-jet underworld. You don't hear much about them.
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