Leaving everything to be decided by market factors definitely has it's flaws. There should be room for authorities\patrons to intervene and prevent a certain skill set from being wiped out because it doesn't make business sense to preserve them.
It's not being "wiped out", it's being scaled down to sustainable levels.
If "the authorities" protect price levels for every job that is in a larger supply than demand, that money goes straight out of the pockets of the people who perform jobs that are in demand, i.e. the people performing the tasks that are needed the most by all the other people.
You have a less efficient economy as a result, which makes people poorer on the average.
Sure, not everything should be left to market forces, but there should usually be a reason to interfere with market forces—what reason do you propose for this case? Italian-English bilingualism is not in the least a rare skill that needs to be prevented from being wiped out.
