This is entirely ignoring the externalities: congestion, localized pollution[1], more inefficient use of subsidized resources like roads (and the expansion of

This is entirely ignoring the externalities: congestion, localized pollution[1], more inefficient use of subsidized resources like roads (and the expansion of said subsidies). It's certainly not "simply" wasted congestion, but it's very much on-net wasted, by the same cost argument you make (which doesn't include externalities). [1]Regardles of your views on macro environmentalism, the detrimental effects of localized air pollution is pretty well documented IIUC