I suppose we’ve just given up on the concept of trying to do anything but nakedly extract profit at any cost. You’d think shareholders would be pro-competition in the end, though—I certainly would prefer that.
Edit: I mean short-term profits. As a shareholder I would prefer long-term profits via competition and diversification.
Airlines profits are basically zero per ticket. Adding $10 per trip would be some sort of fantasy land windfall for the shareholders.
Deregulation badly broke this industry.
Your comments remind me of the arguments Ma Bell gave to justify their monopoly. Oh noez, quality will suffer if there's telecom competition. Well, people ended up being willing to make the tradeoff.
You did score a hit with airline profits being low. The whole purpose of regulation was to artificially inflate prices to ensure profits for airlines.
Basically. I have used a combination of miles and co-pays to upgrade to business trans-Pacific. But most of the time going from the east coast US to Europe (especially when I can do it without a red-eye to London), I end up thinking of all the nice stuff I could do with $5K at the cost of sort of a miserable flight.
It's not that I couldn't splurge but there are other things I'd generally prefer to splurge on.
This is directly correlated with airfares. Were planes as sparsely loaded now as they were then then fares would be correspondingly higher. But in a deregulated environment there's a very strong incentive for increased economic efficiency to keep the fares competitive.