Final answer:
Yes, transportation costs decreased due to the invention of airplanes which facilitated faster, cheaper, and more efficient travel, significantly impacting the global economy and the airline industry.
Step-by-step explanation:
It is true that transportation costs decreased due to the invention of airplanes. The advent of the airplane and subsequent improvements in aeronautics have greatly reduced travel times, simplified the process of moving from one point to another, and have ultimately made the world a more interconnected place. Air travel innovations, such as the hub-and-spoke system, have streamlined flight routes and increased efficiency. With airlines having fuller flights and offering more service routes post-deregulation, airfares have dropped significantly, doubling the number of air passengers as well as job opportunities within the airline industry. This has also been complemented by government oversight ensuring continuing improvements in safety.
From the perspective of the global economy, the ability to travel rapidly across long distances has indeed forged the way for economic growth and development. Airplanes' contribution to connecting people and markets has led to a more integrated global business environment, where goods, services, and labor move more freely across borders. This has allowed companies to operate more efficiently and has driven competition, resulting in more options and lower prices for consumers. Transportation innovations, starting with railroads and continuing with airplanes and automobiles, have collectively transformed human mobility and economic exchange