Nobody likes waiting in line, and nobody likes it less than economists. Lines, you see, are anti-market, an affront to the logic of supply and demand. A line is a response to an underpriced (or un-priced) good. It represents a value system where time, not money, is the effective currency. In economic terms, those 37 billion hours are a kind of general loss. Huddling in the pre-dawn chill for a cronut qualifies as neither production nor consumption nor leisure — it’s just pure economic inefficiency.
Posted on: Wed, 14 Jan 2015 21:28:59 +0000
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