Appeared on November 5, 2009
Roger McCain, PhD, professor of economics, was quoted in a Philadelphia Inquirer article about the SEPTA strike’s cost to the region.
The biggest direct cost we all experience is time lost. McCain, who said it took him 25 minutes to drive down Market Street from 30th Street to 34th Street Wednesday morning, said time is the ultimate scarce resource. Scarcity is what economics is all about, McCain said.