| Abstract: | The field of transportation attracts individuals from diverse backgrounds, seeking to make contributions to policy, planning, operations and strategy. Economists are one of the more visible subsets of players, who bring a specific focus to the transport problem. The key theme of this paper is economic efficiency and ways that transport economics seeks to achieve efficient outcomes in the presence of markets and institutions that to varying degrees distort the potential to fulfil this primary goal. We review some of the recent contributions to the literatures on institutional and market reform, travel choice and demand. As we enter the next century, there is a sense of promoting ‘back to basics’ (and redefinition of what skills transport specialists will require) in seeking a better understanding of the role of markets and institutions in guiding the destiny of the transport sector. |
