Airline deregulation has been one of the great consumer welfare successes of the last half-century. Thanks to a push by consumer and market advocates alike during the Carter administration, Congress succeeded in passing comprehensive reform that allowed airlines to set their own prices, services, and destinations. The result was massive decreases in airfare rates and a drastic increase in competitors in the air travel industry. Yet despite this overwhelming success, proposals abound that would take America back to the days of thousand-dollar airline tickets.
Read the full story here.