This blog has long argued that the cumulative effect of numerous small reforms and improvements can be dramatic. This assumes greater significance in systems where the low-hanging fruits have been plucked or decisional reforms implemented. Consider this,
UPS estimates that a savings of one minute per day per driver increases profit by $14.5 million over the course of a year.
All this and more from an excellent essay by Tyler Cowen and Alex Tabarrok on how technological advances have bridged information asymmetry and thereby lowered the resultant market failures.
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