AEROSPACE: Shaving Costs With a Blade

The worldwide market for airliners between now and the year 2001 is expected to be an astronomical $280 billion. To snare a hefty share of it, aircraft builders Boeing and McDonnell Douglas are scrambling to roll out new jets that are bigger, quieter and more fuel efficient.

The most radical departure is the propeller-driven craft that McDonnell Douglas has demonstrated for customers for the first time. The plane's engine, built by General Electric, contains jet turbines that drive two counter- rotating sets of stubby propeller blades. The new engine, to be put in use by 1992, is as powerful as a conventional jet, but is quieter and saves as much as 40% on fuel consumption.

Boeing is introducing new versions of its most popular models, the 737 short-range craft and the 747 jumbo jet. The 747-400 will be the world's largest airliner, capable of carrying as many as 660 passengers. Boeing already has 118 orders for the jumbo at about $175 million apiece.