The Great Deregulation Experiment

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The Great Deregulation Experiment The Great Deregulation Experiment By: OpenStaxCollege Governments at all levels across the United States have regulated prices in a wide range of industries In some cases, like water and electricity that have natural monopoly characteristics, there is some room in economic theory for such regulation But once politicians are given a basis to intervene in markets and to choose prices and quantities, it is hard to know where to stop Doubts about Regulation of Prices and Quantities Beginning in the 1970s, it became clear to policymakers of all political leanings that the existing price regulation was not working well The United States carried out a great policy experiment—the deregulation discussed in Monopoly—removing government controls over prices and quantities produced in airlines, railroads, trucking, intercity bus travel, natural gas, and bank interest rates The Clear it Up discusses the outcome of deregulation in one industry in particular—airlines What are the results of airline deregulation? Why did the pendulum swing in favor of deregulation? Consider the airline industry In the early days of air travel, no airline could make a profit just by flying passengers Airlines needed something else to carry and the Postal Service provided that something with airmail And so the first U.S government regulation of the airline industry happened through the Postal Service, when in 1926 the Postmaster General began giving airlines permission to fly certain routes based on the needs of mail delivery—and the airlines took some passengers along for the ride In 1934, the Postmaster General was charged by the antitrust authorities with colluding with the major airlines of that day to monopolize the nation’s airways In 1938, the Civil Aeronautics Board (CAB) was created to regulate airfares and routes instead For 40 years, from 1938 to 1978, the CAB approved all fares, controlled all entry and exit, and specified which airlines could fly which routes There was zero entry of new airlines on the main routes across the country for 40 years, because the CAB did not think it was necessary 1/6 The Great Deregulation Experiment In 1978, the Airline Deregulation Act took the government out of the business of determining airfares and schedules The new law shook up the industry Famous old airlines like Pan American, Eastern, and Braniff went bankrupt and disappeared Some new airlines like People Express were created—and then vanished The greater competition from deregulation reduced airfares by about one-third over the next two decades, saving consumers billions of dollars a year The average flight used to take off with just half its seats full; now it is two-thirds full, which is far more efficient Airlines have also developed hub-and-spoke systems, where planes all fly into a central hub city at a certain time and then depart As a result, one can fly between any of the spoke cities with just one connection—and there is greater service to more cities than before deregulation With lower fares and more service, the number of air passengers doubled from the late 1970s to the start of the 2000s—an increase that, in turn, doubled the number of jobs in the airline industry Meanwhile, with the watchful oversight of government safety inspectors, commercial air travel has continued to get safer over time The U.S airline industry is far from perfect For example, a string of mergers in recent years has raised concerns over how competition might be compromised One difficulty with government price regulation is what economists call regulatory capture, in which the firms supposedly being regulated end up playing a large role in setting the regulations that they will follow When the airline industry was being regulated, for example, it suggested appointees to the regulatory board, sent lobbyists to argue with the board, provided most of the information on which the board made decisions, and offered well-paid jobs to at least some of the people leaving the board In this situation, consumers can easily end up being not very well represented by the regulators The result of regulatory capture is that government price regulation can often become a way for existing competitors to work together to reduce output, keep prices high, and limit competition The Effects of Deregulation Deregulation, both of airlines and of other industries, has its negatives The greater pressure of competition led to entry and exit When firms went bankrupt or contracted substantially in size, they laid off workers who had to find other jobs Market competition is, after all, a full-contact sport A number of major accounting scandals involving prominent corporations such as Enron, Tyco International, and WorldCom led to the Sarbanes-Oxley Act in 2002 Sarbanes-Oxley was designed to increase confidence in financial information provided by public corporations to protect investors from accounting fraud 2/6 The Great Deregulation Experiment The ...The 30-Day Experiment Have you ever been reluctant to witness to someone because you were afraid he would argue with you and you wouldn't know how to answer? If so, I have good news for you -- you don't have to be frightened by the intellectual-sounding arguments of atheists and agnostics. I want to share with you an effective response to many of the arguments you might hear in a witnessing situation.One day a young man said to me, "I'm an atheist. I don't believe there is a God." I asked him, "Greg, are you an honest person?" "Of course I am," he replied. I said, "Greg, a scientist goes into the laboratory to do research to perform an experiment without preconceived ideas. He goes with an open mind and considers all truth objectively. Would you be willing to perform an experiment for thirty days, as a matter of intellectual integrity?" I described to him what I call the 30-Day experiment. "Read the Bible every day, starting with the Gospel of John," I emphasized. "Just one hour a day, for thirty days. And every day, begin your reading with a prayer: "God, if you exist, and if Jesus Christ is your revelation to man and He truly died for my sins, I want to know you personally. Come into my life and be my Savior and Lord."Greg agreed to the experiment, and since he had no classes that day, I encouraged him to spend the whole day reading the Gospel of John. That evening, I was speaking to a group of several hundred students. As I looked out over the crowd, I saw Greg beaming at me with a big smile that could have lighted the whole auditorium. When I finished, he darted through the crowd to meet me. "I did it," he grinned. "I did what you told me. I read the first, second, third, fourth chapters, then more of John." I'll never forget his next statement: "I was in the eighth chapter when Jesus stepped out of the pages of the Bible and into my heart."Greg's story is only one of hundreds I could share with you about the effectiveness of "the 30-Day experiment." Try it.Bill Bright Int. J. Med. Sci. 2011, 8 http://www.medsci.org 114 IInntteerrnnaattiioonnaall JJoouurrnnaall ooff MMeeddiiccaall SScciieenncceess 2011; 8(2):114-125 © Ivyspring International Publisher. All rights reserved. Research Paper The Influence of Hyperbaric Oxygen Treatment on the Healing of Experi-mental Defects Filled with Different Bone Graft Substitutes Yigit Sirin1, Vakur Olgac2, Semra Dogru-Abbasoglu3, Leyla Tapul4, Samil Aktas5, Sinan Soley1 1. Istanbul University, Faculty of Dentistry, Department of Oral Surgery, Istanbul, Turkey 2. Istanbul University, Faculty of Medicine, Department of Oncologic Pathology, Istanbul, Turkey 3. Istanbul University, Faculty of Medicine, Department of Biochemistry, Istanbul, Turkey 4. Istanbul University, Faculty of Medicine, Department of Histology and Embryology, Istanbul, Turkey. 5. Istanbul University, Faculty of Medicine, Department of Undersea and Hyperbaric Medicine, Istanbul, Turkey.  Corresponding author: Dr. Yigit Sirin, Istanbul Universitesi, Dishekimligi Fakultesi, Agiz-Dis Cene Hast. Ve Cerr.Anabilim Dali 34390, Capa/Fatih/Istanbul. +902124142020/30289; ysirin@istanbul.edu.tr Received: 2010.12.13; Accepted: 2011.01.31; Published: 2011.02.08 Abstract To assess potential effects of hyperbaric oxygen (HBOT) on artificial bone grafts, β – Tricalcium phosphate (β-TCP) and calcium phosphate coated bovine bone (CPCBB) substi-tutes were applied to standard bone defects in rat tibiae. The control defects were left empty. Half of the animals received 60 minutes of 2.4 atmosphere absolute (ATA) of HBOT. Rats were sacrificed at one, two and four weeks. Bone healing was assessed histologically and histomorphometrically using light microscopy. The periosteum over the bone defects was examined ultrastructurally. Cardiac blood was collected to determine the serum osteocalcin levels. The HBOT increased new bone formation in the unfilled controls and β-TCP groups and significantly decreased cartilage matrix and fibrous tissue formations in all groups. Active osteoblasts and highly organized collagen fibrils were prominent in the periosteum of β-TCP and control groups. Serum osteocalcin levels also increased with HBOT. The healing of de-fects filled with CPCBB was similar to the controls and it did not respond to HBOT. These findings suggested that the HBOT had beneficial effects on the healing of unfilled bone defects and those filled with β-TCP bone substitute but not with CPCBB, indicating a material-specific influence pattern of HBOT. Key words: Hyperbaric oxygen, beta tricalcium phosphate, calcium phosphate coated bovine bone, light microscopy, ultrastuctural, rat Introduction Autogenous bone grafts facilitate natural healing process by providing adequate amount of mineral structure, collagen, growth factors and progenitor cells (1,2). Therefore, it is widely accepted as the "gold standard" of the bone grafting procedures in the oral and maxillofacial region. However, creation of a se-cond surgical site, prolonged operation time, donor site morbidity, inadequate bone volume and chronic pain are also associated with clinical complications of autogenous bone harvesting (3). Thus, several alter-natives to autogenous bone have been developed which use a variety of materials, including The 30-Day Experiment Have you ever been reluctant to witness to someone because you were afraid he would argue with you and you wouldn't know how to answer? If so, I have good news for you -- you don't have to be frightened by the intellectual-sounding arguments of atheists and agnostics. I want to share with you an effective response to many of the arguments you might hear in a witnessing situation.One day a young man said to me, "I'm an atheist. I don't believe there is a God." I asked him, "Greg, are you an honest person?" "Of course I am," he replied. I said, "Greg, a scientist goes into the laboratory to do research to perform an experiment without preconceived ideas. He goes with an open mind and considers all truth objectively. Would you be willing to perform an experiment for thirty days, as a matter of intellectual integrity?" I described to him what I call the 30-Day experiment. "Read the Bible every day, starting with the Gospel of John," I emphasized. "Just one hour a day, for thirty days. And every day, begin your reading with a prayer: "God, if you exist, and if Jesus Christ is your revelation to man and He truly died for my sins, I want to know you personally. Come into my life and be my Savior and Lord."Greg agreed to the experiment, and since he had no classes that day, I encouraged him to spend the whole day reading the Gospel of John. That evening, I was speaking to a group of several hundred students. As I looked out over the crowd, I saw Greg beaming at me with a big smile that could have lighted the whole auditorium. When I finished, he darted through the crowd to meet me. "I did it," he grinned. "I did what you told me. I read the first, second, third, fourth chapters, then more of John." I'll never forget his next statement: "I was in the eighth chapter when Jesus stepped out of the pages of the Bible and into my heart."Greg's story is only one of hundreds I could share with you about the effectiveness of "the 30-Day experiment." Try it.Bill Bright .. .The Great Deregulation Experiment In 1978, the Airline Deregulation Act took the government out of the business of determining airfares and schedules The new law shook up the industry... 3/6 The Great Deregulation Experiment Did the price of natural gas decrease? Yes, rather significantly In 2010, the wellhead price of natural gas was $4.48 per thousand cubic foot; in 2012 the. .. to work together to reduce output, keep prices high, and limit competition The Effects of Deregulation Deregulation, both of airlines and of other industries, has its negatives The greater pressure