Let's see, if there's too much supply, then prices fall. And, if there's a shortage, then prices fall. Or at least that's what the NYT tells us about pilot's wages. To be exact, it tells readers that "poor pay and fewer big-airline jobs to move up to have led to fewer applicants, creating a pilot shortage." It looks like the basic story is that one of the places the airlines are looking to cut back is on pilots' pay. At lower wages, few people want the job. That's not quite a shortage in the normal sense of the term.
--Dean Baker
