Airline Deregulation Act

The Airline Deregulation Act is a 1978 United States federal law that deregulated the airline industry in the United States, removing the federal government control over such areas as fares and market entry of new airlines. It introduced a free market in the commercial airline industry and led to a great increase in the number of flights, a decrease in fares, an increase in the number of passengers and miles flown, a consolidation of carriers; the Civil Aeronautics Board's powers of regulation were phased out, but the regulatory powers of the Federal Aviation Administration were not diminished over all aspects of aviation safety. Since 1938, the federal Civil Aeronautics Board had regulated all domestic interstate air transport routes as a public utility, setting fares and schedules. Airlines that flew only intrastate routes, were not regulated by the CAB but were regulated by the governments of the states in which they operated. One way that the CAB promoted air travel was attempting to hold fares down in the short-haul market, which would be subsidized by higher fares in the long-haul market.

The CAB had ensure that the airlines had a reasonable rate of return. The CAB earned a reputation for bureaucratic complacency. For example, World Airways applied to begin a low-fare New York City to Los Angeles route in 1967. Continental Airlines began service between Denver and San Diego after eight years only because a United States Court of Appeals ordered the CAB to approve the application; this rigid system encountered tremendous pressure in the 1970s. The 1973 oil crisis and stagflation radically changed the economic environment, as did technological advances such as the jumbo jet. Most major airlines, whose profits were guaranteed, favored the rigid system, but passengers who were forced to pay escalating fares were against it and were joined by communities that subsidized air service at ever-higher rates. United States Congress became concerned that air transport, in the long run, might follow the nation's railroads into trouble. In 1970, the Penn Central Railroad had collapsed the largest bankruptcy in history, resulting in a huge taxpayer bailout and the creation of Conrail and Amtrak.

Leading economists had argued for several decades that the regulation led to inefficiency and higher costs. The Carter administration argued that the industry and its customers would benefit from new entrants, the abolishing of price regulation, reduced control over routes and hub citiesIn 1970 and 1971, the Council of Economic Advisers in the Nixon administration, along with the Antitrust Division of the United States Department of Justice and other agencies, proposed legislation to diminish price collusion and entry barriers in rail and trucking transportation. While the initiative was in process in the Ford administration, the Senate Judiciary Committee, which had jurisdiction over antitrust law, began hearings on airline deregulation in 1975. Senator Edward Kennedy took the lead in the hearings; the committee was deemed a more friendly forum than what would have been the more appropriate venue, the Aviation Subcommittee of the Commerce Committee. The Ford administration supported the Judiciary Committee initiative.

In 1977, President Jimmy Carter appointed Alfred E. Kahn, a professor of economics at Cornell University, to be chair of the CAB. A concerted push for the legislation had developed from leading economists, leading thinktanks in Washington, a civil society coalition advocating the reform, the head of the regulatory agency, Senate leadership, the Carter administration, some in the airline industry; the coalition swiftly gained legislative results in 1978. Dan McKinnon would be the last chairman of the CAB and would oversee its final closure on January 1, 1985. Senator Howard Cannon of Nevada introduced S. 2493 on February 6, 1978. The bill was passed and was signed by Carter on October 24, 1978; the stated goals of the Act included the following: the maintenance of safety as the highest priority in air commerce. The Act intended for various restrictions on airline operations to be removed over four years, with complete elimination of restrictions on domestic routes and new services by December 31, 1981, the end of all domestic fare regulation by January 1, 1983.

In practice, changes came rather more than that. Among its many terms, the act did the following: the CAB's authority to set fares was eliminated.

Sam and Irene Black School of Business

The Sam and Irene Black School of Business is the business school of Pennsylvania State University – Erie, The Behrend College, in Erie, Pennsylvania. Penn State Behrend is a part of the Pennsylvania State University commonwealth system, it was founded in 1998. The school of business is located in the Jack Burke Research and Economic Development Center on the campus of Penn State Behrend; the college is accredited in business and accounting by the Association to Advance Collegiate Schools of Business and offers undergraduate degrees in: Accounting General Business Economics Business Economics Business, Liberal Arts & Science Finance Interdisciplinary Business with Engineering Studies International Business General Management Operations Management Marketing In addition to the numerous undergraduate degrees offered, the business school offers graduate degrees in: Master of Business Administration Master of Project Management The Sam and Irene Black School of Business offers the following optional programs at the undergraduate level: Certificate in Financial Planning SAP Certificate Bloomberg Financial - Equity Certification Bloomberg Financial - Fixed Income Certification Center for Credit and Consumer Research/ Economic Research institute of Erie In addition to the two research groups mentioned above, Penn State Behrend encourages its students to participate in undergraduate research.

List of United States business school rankings List of business schools in the United States Penn State University Pennsylvania State University – Erie, The Behrend College

Gauge theory

In physics, a gauge theory is a type of field theory in which the Lagrangian does not change under local transformations from certain Lie groups. The term gauge refers to any specific mathematical formalism to regulate redundant degrees of freedom in the Lagrangian; the transformations between possible gauges, called gauge transformations, form a Lie group—referred to as the symmetry group or the gauge group of the theory. Associated with any Lie group is the Lie algebra of group generators. For each group generator there arises a corresponding field called the gauge field. Gauge fields are included in the Lagrangian to ensure its invariance under the local group transformations; when such a theory is quantized, the quanta of the gauge fields are called gauge bosons. If the symmetry group is non-commutative the gauge theory is referred to as non-abelian gauge theory, the usual example being the Yang–Mills theory. Many powerful theories in physics are described by Lagrangians that are invariant under some symmetry transformation groups.

When they are invariant under a transformation identically performed at every point in the spacetime in which the physical processes occur, they are said to have a global symmetry. Local symmetry, the cornerstone of gauge theories, is a stronger constraint. In fact, a global symmetry is just a local symmetry. Gauge theories are important as the successful field theories explaining the dynamics of elementary particles. Quantum electrodynamics is an abelian gauge theory with the symmetry group U and has one gauge field, the electromagnetic four-potential, with the photon being the gauge boson; the Standard Model is a non-abelian gauge theory with the symmetry group U × SU × SU and has a total of twelve gauge bosons: the photon, three weak bosons and eight gluons. Gauge theories are important in explaining gravitation in the theory of general relativity, its case is somewhat unusual in that the gauge field is the Lanczos tensor. Theories of quantum gravity, beginning with gauge gravitation theory postulate the existence of a gauge boson known as the graviton.

Gauge symmetries can be viewed as analogues of the principle of general covariance of general relativity in which the coordinate system can be chosen under arbitrary diffeomorphisms of spacetime. Both gauge invariance and diffeomorphism invariance reflect a redundancy in the description of the system. An alternative theory of gravitation, gauge theory gravity, replaces the principle of general covariance with a true gauge principle with new gauge fields; these ideas were first stated in the context of classical electromagnetism and in general relativity. However, the modern importance of gauge symmetries appeared first in the relativistic quantum mechanics of electrons – quantum electrodynamics, elaborated on below. Today, gauge theories are useful in condensed matter and high energy physics among other subfields; the earliest field theory having a gauge symmetry was Maxwell's formulation, in 1864–65, of electrodynamics which stated that any vector field whose curl vanishes—and can therefore be written as a gradient of a function—could be added to the vector potential without affecting the magnetic field.

The importance of this symmetry remained unnoticed in the earliest formulations. Unnoticed, Hilbert had derived the Einstein field equations by postulating the invariance of the action under a general coordinate transformation. Hermann Weyl, in an attempt to unify general relativity and electromagnetism, conjectured that Eichinvarianz or invariance under the change of scale might be a local symmetry of general relativity. After the development of quantum mechanics, Vladimir Fock and Fritz London modified gauge by replacing the scale factor with a complex quantity and turned the scale transformation into a change of phase, a U gauge symmetry; this explained the electromagnetic field effect on the wave function of a charged quantum mechanical particle. This was the first recognised gauge theory, popularised by Pauli in 1941. In 1954, attempting to resolve some of the great confusion in elementary particle physics, Chen Ning Yang and Robert Mills introduced non-abelian gauge theories as models to understand the strong interaction holding together nucleons in atomic nuclei.

Generalizing the gauge invariance of electromagnetism, they attempted to construct a theory based on the action of the SU symmetry group on the isospin doublet of protons and neutrons. This is similar to the action of the U group on the spinor fields of quantum electrodynamics. In particle physics the emphasis was on using quantized gauge theories; this idea found application in the quantum field theory of the weak force, its unification with electromagnetism in the electroweak theory. Gauge theories became more attractive when it was realized that non-abelian gauge theories reproduced a feature called asymptotic freedom. Asymptotic freedom was believed to be an important characteristic of strong interactions; this motivated searching for a strong force gauge theory. This theory, now known as quantum chromodynamics, is a gauge theory with the action of the SU group on the color triplet of quarks; the Standard Model unifies the description of electromagnetism, weak interactions and strong interactions in the language of gauge theory.

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