This title was first published in 2003. The events of 11 September
2001 defy modern economic theory when addressed in aviation terms.
Economic theory would suggest that, once the impact of such events
are a thing of the past, and economies are restored to their status
quo ante, a rise in the gross domestic product of States to earlier
levels would almost inevitably result in increased consumption.
This in turn would mean that the demand for air travel would rise
to earlier proportions and consumption in terms of air transport
services would be restored to normalcy. However, the September
attacks on United States' property introduced a unique
characteristic through the fear factor that directly impacts the
future development of air transport. As a result, the grim task of
restoration of passenger confidence stands in the way of economic
revival of the air transport industry. Aviation was always in
crisis. The air transport industry, even prior to 11 September
2001, although seemingly a glamorous, exciting and prosperous
business, never enjoyed sustained periods of profitability. Even
among the large carriers, a short bout of profitability would
inevitably be followed by a period of downturn in real income. It
is simply that this fluctuation in fortune is an ineluctable
characteristic of air transport, whose fortunes are dictated by
rigid regulation, competition and technological change. If a
sustained analysis were to be made of air transport, plain economic
theory would no longer be the exclusive discipline for
consideration. Rather, all relevant factors have to be taken in
context and emerging issues should be analyzed as possible threats
to the economic well being of the air transport industry. This book
addresses issues in a post-September 2001 context but also analyses
issues past and present, with the intent of looking at the future.
Four major areas are taken into consideration which were in crisis
but are truly impacted by the events of September 2001. These areas
relate to crises in the commercial, security, insurance and
environmental protection fields. Of these the first and fourth
areas are inextricably intertwined, as aircraft noise regulations
in various States have a direct impact on aircraft financing, which
in turn is linked to demand for air services. A drop in demand for
air services would essentially mean that the demand for lease or
purchase of new aircraft would drop. When this occurs, air
transport enterprises would be more inclined to cut costs and
therefore concentrate on using the aircraft already at hand,
upgrading them to conform to the The purpose of this book is to
view the overall picture of an aviation industry - comprising air
transport and other aviation related industries - in crisis,
through issues that continue to impact the economic viability of
air transport, particularly as a result of the events of 11
September 2001.
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