Innovation Air – the ingenuity of the free market.
Freemarket advocates like me usually focus on the efficiency of the free market ignoring another equally powerful factor that makes it such a wonderful system – Innovation. After the london terror threat and virtually stalling all trans-atlantic and european airlines, passengers facing delays in airports and getting hassled have been chosing private chartered carriers recently. The BBC reports.
“Flight delays and cancellations at London’s airports in recent days have sent demand for executive jets and other private charter aircraft soaring.”
A system discussed more that 400 years back by Adam Smith seems to have stood the test of time and has once again proved that it can come up with completely amazing solutions for even the most difficult of problems.