Robin Lindsey surveys what economists have to say about road pricing in the latest Econ Journal Watch. Yes, most economists think that rationing via price is best. Ken Orski presents a news round-up that suggests we may be near a "tipping-point" -- and tipping towards a more favorable reception by policy makers.
That would be nice. I recently attended a workshop at Churchill College in Cambridge and learned a bit about the London experience. It appears that implementation costs were high enough to suggest that the benefit-cost ratio is unfavorable. That may a case of early adopers. But the role of early adopters -- absorbing high prices and permitting them to start falling -- is well established in the markets for new products. Whether it applies in the policy world is anybody's guess.
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A blog exploring the intersection of economic thinking and urban planning/real estate development and related big-think themes.
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