Some of this is due to regulations, some of this is the fact that they can now get away with it. The market can be efficient in more than one way. I will say t

Some of this is due to regulations, some of this is the fact that they can now get away with it. The market can be efficient in more than one way. I will say that the concepts of year contracts are totally alien to me as an American. But I think Europe still works on the old-school postwar model, where you're horribly underpaid at the start of your career and the company makes a bunch of money off of that, but over time you make more and more until it morphs until a well paid sinecure. So they're just stuck at that horrible entry phase forever and never move to the good part.