Tim Harford

Tim Harford is a member of the Financial Times editorial board. His column, “The Undercover Economist”, which reveals the economic ideas behind everyday experiences, is published in the Financial Times and syndicated around the world. He is also the only economist in the world to run a problem page, “Dear Economist”, in which FT readers’ personal problems are answered tongue-in-cheek with the latest economic theory.--from the author's website




floremeamhas quoted2 years ago
floremeamhas quoted2 years ago
floremeamhas quoted2 years ago
When London introduced a congestion-charging zone in early 2003 (charging£5 or about $9 per day to drive into the city center) people responded far more quickly than many critics had expected. After a year, car rides fell by nearly a third. Trips that were exempt from the charge became more popular: there were 15 percent more bus rides, 20 percent more motorcycle rides, and 30 percent more trips by bicycle. Drivers who no longer enter the charging zone have chosen a variety of responses: one quarter drive around it, 55 percent have switched to public transportation, and 20 percent use alternatives like bicycles, car pools, or working from home on some days While the number of trips by car fell, the total delays caused by congestion fell by much more, which suggests that the congestion charge allowed the streets to be much more efficiently used. And as people have more and more time to adjust to the congestion charge, the cost of dealing efficiently with this externality will fall further.


Juanjo Villeshared an impression2 months ago
👍Worth reading

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