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The catastrophic decline of general aviation in the early1980’s – exemplified by the rapid fall in sales of single engine piston powered models – is old news. But as the industry, emboldened by legislative relief in product liability, now embarks on revitalization it is worth revisiting its history to see if there are any lessons for today. To an economist that history (starting post WWII) would include the impact of the evolving national economy on the industry and the contribution of “products” competing for the composite intercity travel and leisure markets in terms of price and changing tastes. Economists prefer statistical evidence to draw conclusions, and that has been gathered for addressing the specific competition with the airline industry as well as the market ceiling for general aviation airplanes. Quantitative, but non-statistical, evaluation of alternative ways of “flying” for recreation was also done. The results are not encouraging.