By John Hibbs
Stable administration and making plans within the delivery quarter calls for an intensive knowing of uncomplicated monetary rules and a capability to carefully research the field as an entire.
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Additional info for Transport Economics & Policy: A Practical Analysis of Performance, Efficiency and Marketing Objectives
Example text
Price control in the bus industry from 1931 led to serious weaknesses in costing practice, which undermined the efficiency of that industry too. In the highly competitive road freight industry firms could not afford such mistakes, and in the absence of price control such problems did not arise. After 1950 the British Transport Costing Service started to analyse the costs of railway and road transport operations, and it became clear that much railway traffic was not earning anything like enough to cover its costs.
We have seen in Chapter 3 the difficulties that arise when this is applied to the way fares and charges are arrived at, but there is a much wider area 34 The Economic Issues within which regulation may be, and commonly is, a constraint upon the efficiency of the transport industry. Introduced with the best of intentions, controls of this kind all too often lead to regulatory failure, which is capable of distorting the catallaxy and inhibiting the allocative efficiency of the industry at least as much as the incidence of market failure.
The idea of the catallaxy is forgotten here, being replaced by economic planning, with objectives that are hard to define and in practice unattainable, because of the uncertainties of the future. The power of the consumer is also negated, as we shall see in the next chapter, since the all-knowing authority is assumed to ‘know best what is good for the punters’. The element of risk inherent in all investment, given the unknown future, presents a problem, since administrators, dealing with public funds, must always be riskaverse.