Airline Deregulation
There are many questions about whether the deregulation of the airlines was a success or not. Some assert that it was a "great success" due to the lower fares that were realized by a lot of airline passengers. However, whether that is really true will be explored. There is also a question of whether there could be some downsides to airline deregulation. Finally, there will be an offering and explanation of the lessons that have or do exist as it relates to relaxing of regulations in other industries. While deregulation can be a good thing, being too lenient and relaxed about regulations can lead to abuses and customers getting swindled or otherwise negatively impacted (Nicholson, and Snyder).
Analysis
If there is one great lesson that was taught to the airlines themselves as well as broader industry when the airlines were deregulated, it was the concept of how marginal cost and elasticity of demand can be utilized and employed to maximize profits. To answer the question of whether the deregulation of the airline industry was a success, the answer would be a cautious "yes." There is an emphasis on the word "cautious" because while that solution and move paid massive dividends for the airline industry, there have been some downsides since then and there are some situations where deregulation is probably not the proper answer. There are many people that ascribe to what is known as agency theory. Agency theory asserts that a powerful regulatory body...
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