After the NY Times called for more airline regulation following the FAA's software glitch and Southwest's cancelled flights Clifford Winston reminds that Airline Deregulation:
Turns out that inflation-adjusted airfares were 60 percent lower in 2020 than in 1980. Indeed, flying is no longer a luxury. It’s cheap enough to allow most Americans to fly — by 2020, 87 percent of the U.S. population had taken a commercial airline trip. And low fares have cost us nothing in terms of safety: no major airline has been involved in an accident in the United States since 2009. ...What about service reliability? Suppose policymakers force an airline that cancels a flight to immediately provide a cash reimbursement to all affected passengers – as the European Union requires in many circumstances. All airlines, not just Southwest, scratch thousands of flights every year, sometimes due to human or equipment error — but mostly because of bad weather. If airlines are forced to incur all the financial risks of delayed flights, something else must give — back to amenities and/or fares.
It's almost as if the NY Times editors have never read Chapter 3: the opportunity cost of regulation that imposes costs on an airline is increased prices or reduced service.
HT: MarginalRevolution.com
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