Tuesday, December 18, 2012

The opportunity cost of being late!

Good morning economists. I will start today's post with the obvious statement that "you cannot be in two places at the same time". Technology nowadays allows people to communicate via teleconference thus defying this statement. But what happens when you physically need to be in two places at the same time?

Timothy Thompson managed to find himself in jail (over an undisclosed event) the exact day that he was getting married. Upon his release, he got in his Jeep and sped to church. Unfortunately for him on his way there, he was stopped by police officers as he was clocked at 100 miles per hour, that is, 30 miles over the legal speed limit. He quickly explained that he was late for his own wedding and pleaded with the officers to let him go. When the impatient groom saw that it was taking too long, he attempted to get away because he was "late for a party in Chicago". Timothy ended up getting arrested and spent the remainder of the day in jail where he was just released from.
What is the economic and moral lesson of the story? You cannot physically be in two places at the same time no matter how hard you try. In fact, trying to pull a "beam me up Scotty" by speeding and driving recklessly will end up costing you quite a bit and even land you in jail. So weigh your options carefully and for God's sake...avoid getting arrested on your wedding day! Friendly advise.

Have a nice day.

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