How an economist looks at life.

Author John Lott has an interesting post on his website about tire pressure, fuel efficiency and Barack Obama. Here’s a snippet:

“So what is the problem with Obama’s notion of efficiency? He only includes some costs and not others. There are 250 million cars in the US. Suppose that you would have 100 million cars having their tires checked once a week. Suppose that it takes on average 5 minutes to check the pressure on all the tires (remove the stem covers, check the pressure, fill up the tires with air when needed, put the covers back, clean your hands). If that is done once a week, it would take 500 million minutes a week, or 42 million hours. At $10 per hour time costs on average, that comes to $417 million. If gas prices are $4 a gallon, you would save $44.8 million (11.2 million gallons saved * $4 a gallon) but lose $417 million.”

Maybe the Senator can drop in on Professor Lott’s class after he’s done with mine.

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