Mr. Litan gently reminded me during a C-SPAN interview that one regulator, Fred Kahn, ceded his discretion while heading the Civil Aeronautics Board.

FORBES: Which Way Will Tom Wheeler Take The FCC? Follow The Blog Trail

When he took over the Civil Aeronautics Board for President Jimmy Carter in 1977 air travel was regulated to the hilt, with prices, routes and returns all fixed and aircraft, which could compete only on the number of flights and the meals they served, flying half-full.

ECONOMIST: Alfred Kahn, deregulator, died on December 27th, aged 93

Alfred Kahn was the head of America's Civil Aeronautics Board, and the driving force behind the deregulation of air travel that took effect in 1978, under President Jimmy Carter.

ECONOMIST: Is more regulatory reform the answer?