In yet another example of the regulated controlling the regulators, the airlines have cut back on safety maintenance to save money, and the FAA acquiesced. Government has no role in safety regulations, safety is strictly a free-market function.
How we get scammed here is enough people assume the government is overseeing safety, so the airlines can skip maintenance, save money, and the customer believes all as well. The government cannot oversee safety, so we should pretend they do. The airlines can and do oversee safety, so we should not assume they cannot.
Wednesday, April 9, 2008
Airlines Cut Corners On Safety, Save Money
Posted in market intervention by John Wiley Spiers
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