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Author: Steven Morrison
Publisher: Brookings Institution Press
ISBN: 9780815708063
Category : Business & Economics
Languages : en
Pages : 100
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Book Description
In 1938 the U.S. Government took under its wing an infant airline industry. Government agencies assumed responsibility not only for airline safety but for setting fares and determining how individual markets would be served. Forty years later, the Airline Deregulation Act of 1978 set in motion the economic deregulation of the industry and opened it to market competition. This study by Steven Morrison and Clifford Winston analyzes the effects of deregulation on both travelers and the airline industry. The authors find that lower fares and better service have netted travelers some $6 billion in annual benefits, while airline earnings have increased by $2.5 billion a year. Morrison and Winston expect still greater benefits once the industry has had time to adjust its capital structure to the unregulated marketplace, and they recommend specific public polices to ensure healthy competition.
Author: Steven Morrison
Publisher: Brookings Institution Press
ISBN: 9780815708063
Category : Business & Economics
Languages : en
Pages : 100
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Book Description
In 1938 the U.S. Government took under its wing an infant airline industry. Government agencies assumed responsibility not only for airline safety but for setting fares and determining how individual markets would be served. Forty years later, the Airline Deregulation Act of 1978 set in motion the economic deregulation of the industry and opened it to market competition. This study by Steven Morrison and Clifford Winston analyzes the effects of deregulation on both travelers and the airline industry. The authors find that lower fares and better service have netted travelers some $6 billion in annual benefits, while airline earnings have increased by $2.5 billion a year. Morrison and Winston expect still greater benefits once the industry has had time to adjust its capital structure to the unregulated marketplace, and they recommend specific public polices to ensure healthy competition.
Author: Clifford Winston
Publisher: Brookings Institution Press
ISBN: 9780815714385
Category : Business & Economics
Languages : en
Pages : 92
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Book Description
For close to 100 years, America's surface freight industries, primarily rail and trucking, operated under the protective wing of the U.S. government. In 1980 Congress, finding vast inefficiencies in the two industries, substantially deregulated both, opening them at last to market competition. Deregulation has brought with it many changes—for firms within the industries, for their labor force, and for shippers and their customers. Clifford Winston, Thomas M. Corsi, Curtis M. Grimm, and Carol A Evans provide a comprehensive evaluation of the effect of the deregulation legislation on the rail and trucking industries. According to the authors, deregulation has made substantial progress in solving the two most vexing problems of the surface freight transportation industry—excessive rates in the trucking industry and insufficient returns on investment in the rail industry. Competition and efficiency have returned to both industries, and although the labor force in each has suffered wage and job losses, shippers and their customers have gained roughly $20 billion a year in benefits. The authors recommend policies that would continue to promote competition and the efficient use of highway and railway infrastructure.
Author: Paul S. Dempsey
Publisher: Praeger
ISBN:
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
The author discusses the question of federal preemption of intrastate transportation and the experience of intrastate deregulation in some states. He examines the issue of whether more deregulation is in the public interest and, if economic deregulation is to be retained, what form it should take. The author's summary and conclusions can be the basis for study of the effects of economic deregulation in the transportation industry. This book can be a resource for executives dealing with deregulation in such industries as: transportation, telecommunications, broadcasting, electric utilities, cable television, oil and gas, and securities and banking. Defense Transportation Journal This book provides a comprehensive assessment of the social nd economic consequences of one of America's most important infrastructure industries--transportation. Dr. Dempsey traces the legal and political movement from regulation to deregulation. He proceeds to review the empirical results of a decade of deregulation upon airlines, railroads, trucking, and bus companies, and the effects of deregulation upon the shipping and traveling public that rely upon them. The book begins with an analysis of the events that led our nation to establish a regime of economic regulation upon the transportation industry. It also examines the metamorphosis toward deregulation and focuses on several areas in which there has been a significant adverse impact, including economic efficiency, pricing, service, and safety. Dempsey's book addresses the question of federal preemption of intrastate transportation and the experience of intrastate deregulation in some states. Dempsey further examines the issue of whether more deregulation is in the public interest and, if economic regulation is to be retained, what form it should take. The book concludes with an analysis of the public interest in transportation, focusing upon the policy objectives essential in accomplishing social and economic goals beyond allocative efficiency. This book is a necessary resource for executives dealing with deregulation in such industries as: transportation, telecommunications, broadcasting, electric utilities, cable television, oil and gas, and securities and banking.
Author: Cary Coglianese
Publisher: University of Pennsylvania Press
ISBN: 0812209249
Category : Political Science
Languages : en
Pages : 299
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Book Description
As millions of Americans struggle to find work in the wake of the Great Recession, politicians from both parties look to regulation in search of an economic cure. Some claim that burdensome regulations undermine private sector competitiveness and job growth, while others argue that tough new regulations actually create jobs at the same time that they provide other benefits. Does Regulation Kill Jobs? reveals the complex reality of regulation that supports neither partisan view. Leading legal scholars, economists, political scientists, and policy analysts show that individual regulations can at times induce employment shifts across firms, sectors, and regions—but regulation overall is neither a prime job killer nor a key job creator. The challenge for policymakers is to look carefully at individual regulatory proposals to discern any job shifting they may cause and then to make regulatory decisions sensitive to anticipated employment effects. Drawing on their analyses, contributors recommend methods for obtaining better estimates of job impacts when evaluating regulatory costs and benefits. They also assess possible ways of reforming regulatory institutions and processes to take better account of employment effects in policy decision-making. Does Regulation Kills Jobs? tackles what has become a heated partisan issue with exactly the kind of careful analysis policymakers need in order to make better policy decisions, providing insights that will benefit both politicians and citizens who seek economic growth as well as the protection of public health and safety, financial security, environmental sustainability, and other civic goals. Contributors: Matthew D. Adler, Joseph E. Aldy, Christopher Carrigan, Cary Coglianese, E. Donald Elliott, Rolf Färe, Ann Ferris, Adam M. Finkel, Wayne B. Gray, Shawna Grosskopf, Michael A. Livermore, Brian F. Mannix, Jonathan S. Masur, Al McGartland, Richard Morgenstern, Carl A. Pasurka, Jr., William A. Pizer, Eric A. Posner, Lisa A. Robinson, Jason A. Schwartz, Ronald J. Shadbegian, Stuart Shapiro.
Author: Mr.Anton Korinek
Publisher: International Monetary Fund
ISBN: 148430795X
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Author: Steven Morrison
Publisher: Brookings Institution Press
ISBN: 9780815721208
Category : Business & Economics
Languages : en
Pages : 188
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Book Description
Since the enactment of the Airline Deregulation Act in 1978, questions that had been at the heart of the ongoing debate about the industry for eighty years gained a new intensity: Is there enough competition among airlines to ensure that passengers do not pay excessive fares? Can an unregulated airline industry be profitable? Is air travel safe? While economic regulation provided a certain stability for both passengers and the industry, deregulation changed everything. A new fare structure emerged; travelers faced a variety of fares and travel restrictions; and the offerings changed frequently. In the last fifteen years, the airline industry's earnings have fluctuated wildly. New carriers entered the industry, but several declared bankruptcy, and Eastern, Pan Am, and Midway were liquidated. As financial pressures mounted, fears have arisen that air safety is being compromised by carriers who cut costs by skimping on maintenance and hiring inexperienced pilots. Deregulation itself became an issue with many critics calling for a return to some form of regulation. In this book, Steven A. Morrison and Clifford Winston assert that all too often public discussion of the issues of airline competition, profitability, and safety take place without a firm understanding of the facts. The policy recommendations that emerge frequently ignore the long-run evolution of the industry and its capacity to solve its own problems. This book provides a comprehensive profile of the industry as it has evolved, both before and since deregulation. The authors identify the problems the industry faces, assess their severity and their underlying causes, and indicate whether government policy can play an effective role in improving performance. They also develop a basis for understanding the industry's evolution and how the industry will eventually adapt to the unregulated economic environment. Morrison and Winston maintain that although the airline industry has not rea
Author: Michael H. Belzer
Publisher: Oxford University Press, USA
ISBN: 9780195128864
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
Long hours, low wages, and unsafe workplaces characterized sweatshops a hundred years ago. These same conditions plague American trucking today. Sweatshops on Wheels: Winners and Losers in Trucking Deregulation exposes the dark side of government deregulation in America's interstate trucking industry. In the years since deregulation in 1980, median earnings have dropped 30% and most long-haul truckers earn less than half of pre-regulation wages. Work weeks average more than sixty hours. Today, America's long-haul truckers are working harder and earning less than at any time during the last four decades. Written by a former long-haul trucker who now teaches industrial relations at Wayne State University, Sweatshops on Wheels raises crucial questions about the legacy of trucking deregulation in America and casts provocative new light on the issue of government deregulation in general.
Author: Penelope Grenoble O'Malley
Publisher: Wiley-Blackwell
ISBN:
Category : Self-Help
Languages : en
Pages : 264
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Book Description
A look at commercial aviation from the pilots' perspective examines the impact of deregulation on the aviation industry.
Author: Marc Gaudry
Publisher: Springer Science & Business Media
ISBN: 1461550777
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
Taking Stock of Air Liberalization is about Technology, Economy, and Policy (TEP) in the airline industry. Ten years ago, the practical collaboration was begun of bringing together people who belonged to the complementary streams of economic analysis and policy analysis presented int his book. During this time, we opened discussions on the relationship between transportation technology, transportation economics and transportation policy under the general auspices of the Canadian Royal Commission on National Passenger Transportation. Working over a 40-month period (1989-1992), this Commission took stock of transportation and produced an up-to-date `État de la question' and policy framework (Hyndman, et al, 1992). Clearly, the project committee's discussions on air policy, over the period 1995-1997 (see Chapter 8), outlined the possibilities for a mechanism to understand the differences about the desirability of air liberalisation, as well as the possible TEP interactions in this area. This led to an exploratory first formulation and computer programme (HLB, 1997) incorporating the approach outlined in Chapter 15. A joint celebration of the CRT's 25th birthday and Transport Canada's 60th birthday seemed appropriate to bring together the various streams. Part I of Taking Stock of Air Liberalization looks at the record, and Part II focuses on specific impacts of policies. Policy formulation (Part III) and the required tools (Part IV - Modelling Demand) are also discussed in this context. The book ends with perspectives in Part V - The Future Market Structure and Public Policy. The competition among airlines is rapidly spreading to the competition among airports, and the difficult regulation of these strategic spatial monopolies (which is introduced in Chapter 13) is now attracting research activity. The next discussion in the airline industry will be the role of airports.
Author: Nancy L. Rose
Publisher: University of Chicago Press
ISBN: 022613816X
Category : Business & Economics
Languages : en
Pages : 619
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Book Description
The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
