Congestion at major airports at peak travel times (and the consequent inability of passengers to whom time is very valuable to get the delay-free travel they would willingly pay for) obviously means to an economist that the pertinent government authorities have on the one hand failed efficiently to expand airport and air traffic control capacity and, on the other, to price those scarce facilities at their marginal opportunity costs. No wonder there are shortages.
– Alfred Kahn, “Surprises of Airline Deregulation,” American Economic Review 78, no. 2 (May 1988).
