The Sunday Telegraph London, February 22nd, 2004
LONDON'S congestion charge is based on sound economic principles. Consumers are being made to pay for a scarce resource - road space. Marginal social-cost pricing, as Friedman would call it, recognises that congestion, delays and pollution are a burden on society. And by transferring some of these costs onto motorists, the charge is changing behaviour. But Livingstone's scheme is a blunt instrument. And a growing number of retailers are calling for the charge to extend only until mid-afternoon. Economic logic is on their side. When there is less congestion in the capital, as there is after 1p...
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