tag:blogger.com,1999:blog-2974725225114485009.post8606406084569452200..comments2023-10-20T07:24:00.534-07:00Comments on His Story is Bunk: Food flightPatrick Sullivanhttp://www.blogger.com/profile/14948365865741313524noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2974725225114485009.post-87967818054178695102014-08-13T17:57:36.906-07:002014-08-13T17:57:36.906-07:00=== ===
[Pascal Michaillat and Emmanuel Saez, edit...=== ===<br />[Pascal Michaillat and Emmanuel Saez, edited] If restaurants suddenly have access to better technology, for instance ovens that prepare meals in 15 minutes rather than the usual 30, then more meals will be sold, but <b>the share of tables that are occupied will decrease</b> significantly because customers will wait a shorter time in restaurant queues. <br />=== ===<br /><br />They are entirely wrong. They can't know how table occupancy will change.<br /><br />Cutting service time does tend to free up tables and may also put off customers who may want a lazy lunch with drinks. <br /><br />But, waiting time is a cost for many prospective customers. Shorter waits may attract more customers who want fast service. These "economists" cannot know from first principles what will happen to the restaurant seating. Faster service may result in seating to capacity and even a 5 minute wait in line.<br /><br />Technology makes products cheaper in time or money. Dollar sales of cheaper products ususally increase. These economists are anti-technology in their basic thinking. They are making up convenient "examples" as they go along.<br />Andrew_M_Garlandhttps://www.blogger.com/profile/02855052302054611917noreply@blogger.com