Word: airing
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Dates: during 1970-1979
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Regulatory excess cuts into spending for research and development and for capital investment in new plant and equipment. Corporate cash is spent on devices to clean the air and protect workers rather than on modern machinery that will produce goods more cheaply and efficiently. While that may appear to be an acceptable tradeoff, it leads to fewer jobs for the unemployed and fewer technical discoveries that will benefit the nation. Yale Economist Paul MacAvoy estimates that the shift of investment from productive projects to programs mandated by regulation has cut the growth of the U.S. gross national product...
Yielding to the revolutionary changes that have occurred in the travel business, the 108-member International Air Transport Association (IATA) abandoned its 33-year-old role as the industry's fare fixing cartel. It also gave up its authority to regulate in-flight meals, drinks and enter tainment, and will henceforth confine itself to such noncompetitive matters as safety standards, security and ticket exchange arrangements...
...Civil Aeronautics Board, which in its drive for deregulation encouraged the start of Laker Airways' cut-rate transatlantic Skytrain service as well as the cheap-fare plans that swept the U.S. carriers. The end of administered fares will heat up competition in the briskly growing air-travel market. The IATA carriers' revenues totaled $39.1 billion in 1977, and are expected to climb another 10% this year. But without IATA to coordinate international fare agreements, many lines and their governments will probably become entangled in complicated bilateral and multilateral negotiations to fix prices and frills...
...rock bottom now," at least over the North Atlantic; they also maintain that the airlines will not be going "hog wild" in the service area. Yet there are already some welcome signs of movement in this direction. The quality of meals in coach may benefit from competitive pressure. Indeed, Air France has begun giving economy passengers a choice of two main courses plus fruit, cheese and wine, as well as free use of movie earphones...
...Omar Khayyám, waved away a dubious bowl of pudding at his wedding breakfast with the exclamation, "Ugh! Congealed bridesmaid!" Ireland is found "so melancholy, so full of the ghosts of feuds and famines, the clouds fly low, the trees sag under the incessant rain, and the very air seems charged and weighed down with a sense of grievance." An Alphabet of Literary Prejudice includes a list of names from the London phone book (among the more notable: Geoffrey Gush, Dr. Fredoon Famrose and Mr. Halfhead...