John Maynard Keynes, when asked about the long term economic impact of some idea 
is said to have replied: “In the long term, we’re all dead.” For too long, Keynes’s formulation has guided leaders in business and in government. Fortunately for the traveling public, though, airport leaders have eschewed Keynes and focused on both the short- and long-term needs of their communities and the traveling public.
This was on vivid display yesterday during our annual legislative conference. The leaders of a number of large airports were on a panel talking about how high fuel prices and service cuts were impacting their communities. One had already experienced a 20 percent cut. Another had been through the take-down of a major hub even before all this happened. Still others had not yet seen large cuts, though there have been some. They were joined in the discussion by a number of airport directors in the crowd, many of whom run small airports.
Two things came through: all were focused on mitigating the short term effects of service cuts, real and rumored, on their communities. All were working with airlines to do everything they could to keep service in their communities. All understand we need a strong airline industry. Yet, all were also focused on the long-term. While some were deferring projects until the industry recovers, all remained focused on the need to serve the long-term needs of their communities.
Airport directors understand that the best way to deal with whatever short-term challenges circumstances might throw their way is to have crafted and implemented a long-term vision long before. If you always think about the short-term, then your short-terms are much more likely to be a challenging mess. The best way to deal with the short-term is to have had a long-term vision.
Which brings me to one last comment. I’ve written much on energy. I hear lots of ideas and I have no expertise that would allow me to judge whether Boone Pickens is right, or whether someone else has a better idea. As a nation, we ought to have that debate and make some decisions. What I do know, however, is that I am hearing far too many people respond to one idea or another with the comment: “that won’t bring the price at the pump down any time soon.” Yes, we need to find ways to do that. People are hurting. And certainly discussions about tightening regulation of speculators seems to have at least slowed the rise of the price of oil.
But it is certain that, as a country, we will have to do things that will not have immediate short-term impact but will put this country in a position to better face future “short-term” challenges. Just imagine if we had made a commitment to research and development of alternative energy sources, conservation and production a long time ago. What if the 1973 and 1979 fuel spikes had forced us into those commitments, and we hadn’t backed down when the price came down later. Imagine what things would look like today. Unlike Keynes, we’re still alive…and our short-term would be a lot brighter than it appears now.
Filed under: Airports, Government policy
