After reading a lot about having a parachute as a safety measure for passenger when in flight, I think this is the best option just as a life jacket/boat is available for passengers on a ship. Hence a life saved is worth more than the amount spent in building an aircraft.
It is practically possible to design an airplane so that the parachute can be compressed into a small school bag with a little oxygen bottle (if oxygen is a problem) and the plane can be brought down to a lower altitude for passengers to jump out of the plane safely.
Therefore, there are no excuses to apportion blame on the causes of any plane crashes.
I have a more elaborate answer to this question in the Travel 3Sixty magazine Perils of Parachuteshere
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