Ray Lopez

Airlines: Some Costs They Can't - And Shouldn't - Cut

Let's keep in mind that economics does not value utility as understood by most, but value as defined mostly by the laws of scarcity. Water is cheap, diamonds are expensive. Why?

This stat however was very telling: "Over the next 24 hours, these pilots will make over 13,500 take-offs literally around the world [without an accident]".

Very true. The only other place I know of that has this kind of precision and accuracy is semiconductor manufacturing. Well done by the pilots; too bad about the drop in wages.