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Sure, it's a factoid. Maybe it's 20 minutes. But we all know it's very low. Seven minutes is an overestimate for my drill.
Yes, and it's a problem. The possibility of borrowing one from your neighbor is passed over entirely and the alternative is to drive to get another one already in your possession.
All of this is completely unsustainable behavior at the scale of the planet. I suppose you'll get in a huff and take this personally but I really am talking about all of us. As I said, I have a drill myself and bought it for exactly the reasons you cited. I just think we could all do better.
But the transaction cost of borrowing my neighbors is much higher. I have to talk to him for 20 minutes, he has to find it, it's not charged, it's a piece of crap and the Chuck doesn't work. An hour process for a 10 second job to hang the shelf.
I think a drill is a terrible tool to use as an example since it's used for many purposes and almost any household chore. A better tool would be a Sawzall, it's built for a niche tasks and can be essential for that one cut. I will absolutely have a chat with the neighbor to avoid trying to make a cut with a hand held hacksaw blade trying to cut a stud in half. I use it so infrequently I absolutely don't need my own.
But an awful lot of households do have electric drills and apparently the average one gets less use than yours. Mine certainly does. Whatever the exact number of minutes-per-lifetime, you're gonna have difficulty persuading me that every single household of all the 8 billion people on earth needs its own electric drill and that there's not a better way of organizing things.
And that's my whole point: America's hyper-consumerist comfort-oriented lifestyle, where everyone has a closet overflowing with semi-useless junk, where talking to one's neighbor is a waste of precious time, is just not a realistic goal for a sustainable civilization. Nor even particularly desirable, I'd say. Again: please don't take this personally, I'm criticizing a whole system and I too have an electric drill (though not a Sawzall, whatever that is).