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Priorities for University Research in Transportation Proceedings of a Workshop (1976) / Chapter Skim
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ECONOMICS AND REGULATION
Pages 22-26

The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.


From page 22...
... There appear to be significant segments of the American economy that we have regulated as if they were monopolistic, or public utilities, or somehow unable to function appropriately under normal market constraints. It has been assumed that the government should influence the way these markets work by controlling entry into them, by controlling prices, by not allowing the competitive system to operate the way it normally does -- in short, by interfering with the market process.
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From page 23...
... One of the principal pieces of domestic legislation that the Ford Administration submitted to Congress last year was the Railroad Revitalization Act. This bill was designed to allow wider scope and sway to the operation of competitive market forces in the railroad business.
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From page 24...
... They tell us that if we move to a less regulated environment, the aviation industry will have dollar savings of about $1 billion a year. In the motor carrier industry the estimates range from $2 billion to $5 billion a year.
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From page 25...
... I doubt that we will get the full efficiencies of pricing flexibility with marginal pricing cost in every market as a result of even total deregulation. But I have seen little effort on the part of the analysts to take into account the market imperfections that would remain after we decontrol by removing the present controls on entry and pricing which produce the current inefficiencies.
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From page 26...
... We need more precise answers to another question: When and under what circumstances do markets fail to provide proper incentives to produce safety? And if the market does not produce proper incentives, how can we influence the incentive process into a closer harmony with the production of an optimal amount of safety?
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Key Terms

  • competitive market
  • regulatory reform
  • motor carrier
  • motor carriers
  • market process

  • market imperfections
  • transportation regulation
  • railroad business
  • allowing competitive
  • academic work

  • academic circles
  • line industry
  • aviation act
  • optimal amount
  • antitrust immunity

  • carrier industry
  • economic regulation
  • proper incentives
  • regulated motor
  • normal market

  • transportation markets
  • regulatory actions
  • government regulatory
  • reform changes
  • competitive game

  • railroad revitalization
  • major public
  • market constraints
  • railroad industry
  • reform means


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