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In "Last Exit" Clifford Winston reminds us that transportation services and infrastructure in the United States were originally introduced by private firms. The case for subsequent public ownership and management of the system was weak, in his view, and here he assesses the case for privatization and deregulation to greatly improve Americans' satisfaction with their transportation systems.

Urban transportation problems abound across America, including jammed highways during rush-hours, deteriorating bus service, and strong pressures to build new rail systems. Most solutions attempt either to increase transportation capacity (by building more roads and expanding mass transit) or to manage existing capacity (through HOV restrictions, exclusive bus lanes, and employer-based policies such as flexible work hours). This book develops an alternative solution to urban transportation problems based on economic analysis, but well aware of the political constraints on policymakers. The...

Not many Americans think of the legal profession as a monopoly, but it is. Abraham Lincoln, who practiced law for nearly twenty-five years, would likely not have been allowed to practice today. Without a law degree from an American Bar Association-sanctioned institution, a would-be lawyer is allowed to practice law in only a few states. ABA regulations also prevent even licensed lawyers who work for firms that are not owned and managed by lawyers from providing legal services. At the same time, a slate of government policies has increased the demand for lawyers' services. Basic economics...

Since the enactment of the Airline Deregulation Act in 1978, questions that had been at the heart of the ongoing debate about the industry for eighty years gained a new intensity: Is there enough competition among airlines to ensure that passengers do not pay excessive fares? Can an unregulated airline industry be profitable? Is air travel safe?

While economic regulation provided a certain stability for both passengers and the industry, deregulation changed everything. A new fare structure emerged; travelers faced a variety of fares and travel restrictions; and the offerings changed...