In our garden this afternoon.
”If you’re the smartest person in the room, you’re in the wrong room”
Simon Kuper, writing in the current issue of the Financial Times.
Much as I hate to say it, I agree with Tyler Cowen about how the way we require employers (and stores) to provide free parking provides perverse economic incentives in a society already over-burdened with cars and their environmental disbenefits. Excerpt from an old NYT OpEd he wrote:
Many suburbanites take free parking for granted, whether it’s in the lot of a big-box store or at home in the driveway. Yet the presence of so many parking spaces is an artifact of regulation and serves as a powerful subsidy to cars and car trips. Legally mandated parking lowers the market price of parking spaces, often to zero. Zoning and development restrictions often require a large number of parking spaces attached to a store or a smaller number of spaces attached to a house or apartment block.
If developers were allowed to face directly the high land costs of providing so much parking, the number of spaces would be a result of a careful economic calculation rather than a matter of satisfying a legal requirement. Parking would be scarcer, and more likely to have a price — or a higher one than it does now — and people would be more careful about when and where they drove.
The subsidies are largely invisible to drivers who park their cars — and thus free or cheap parking spaces feel like natural outcomes of the market, or perhaps even an entitlement. Yet the law is allocating this land rather than letting market prices adjudicate whether we need more parking, and whether that parking should be free. We end up overusing land for cars — and overusing cars too. You don’t have to hate sprawl, or automobiles, to want to stop subsidizing that way of life.
Or, as Donald Shoup puts it in his forthcoming Parking and the City, “Minimum parking requirements act like a fertility drug for cars.”
This morning’s Observer column:
Because I write about technology I am regularly assailed by people who are exercised about so-called “cryptocurrencies” like bitcoin, which most of them regard as a scam. But when I reply that while bitcoin might be newsworthy, the really important story concerns the blockchain technology that underpins it, their eyes glaze over and they start looking for the nearest exit as they conclude that they are in the grip of Coleridge’s Ancient Mariner.
And, in a sense, they are. Blockchain technology is indeed important, but it seems largely incomprehensible to ordinary mortals, even though the web teems with attempts to explain it…