Looking at the end of Boeing 747 history, we see that we are saying good-bye to much more than an airplane.
The airlines need to solve airfare pricing problems because their algorithms depend on historic data that is no longer relevant.
For Throwback Thursday (#TBT) we can fondly look back to comfortable economy class travel before less pitch and width created shrinking airline seats.
Instead of command and control, a reverse auction or a Coasian solution would provide better ways to manage overbooked flights and bumped passengers.
Although 82% of the U.S. airline industry is dominated by 4 airlines, it is not a typical oligopoly because of new small airlines flying routes that the bigger carriers cut.
Whether departing on Imperial Airways from Great Britain or Pan Am in the US, for most of the 20th century you had no need for business class. Only the wealthy could afford to fly. In 1934, anyone with £180 ($17,000 today) could travel on…