"Ticket Scalpers"

Some people on Facebook have wanted to heap coals of fire on so-called "ticket scalpers" for a benefit concert. Apparently the tickets for the concert sold out in 30 seconds. Obviously, the demand for tickets greatly exceeded the supply--AT THAT PRICE.

Let's say that the concert promoters had 10,000 seats. Let's say that all the seats were priced at $10 each. The maximum revenue that the concert promoters could generate is $100,000. Whether the tickets were bought by so-called "scalpers" or by the people who are upset that they didn't get any would make no monetary difference to the promoters. All the tickets sold so they generated their maximum revenue.

Since the tickets sold out in 30 seconds the promoters grossly under-priced the tickets. The promoters set the price and chose the method of distribution. If you don't like the outcome, blame them.

The so-called "scalpers" incur a risk. Suppose no one wants to buy the tickets they bought at higher than face value. They will then lose their money. People buy at one price and resell at a higher price every day. Are you going to stop shopping at Wal-Mart and Target because they do this? The amount of the mark-up is not relevant. So long as the demand exceeds the supply and the free market is allowed to work, the price will rise until the market reaches its equilibrium price.

That's Economics 101.

Thomas E. Snyder
Adjunct Instructor in Economics
Northeast Lakeview College

Looking Backward: 2162–2012

I recently read a review of a book that I then bought and just finished, Looking Backward: 2162–2012. GET IT! It is available from Amazon.com. In Kindle format it is only $0.99. If you don't have a Kindle you can get a free app for your computer or Android smartphone.

It's the story of a liberal professor who falls asleep and awakens 150 years later to a whole new world, one with the Free States of America which have a libertarian government. Now if only I can figure out how to go to sleep for 150 years so I can wake up in that ideal world...

Intellectuals and Race by Thomas Sowell

Intellectuals and Race: Part I

Intellectuals and Race: Part II

Intellectuals and Race: Part III

Intellectuals and Race: Part IV

...you might live in a country founded by geniuses but run by idiots.

From an email:

If you can get arrested for hunting or fishing without a license, but not for being in the country illegally … you might live in a country founded by geniuses but run by idiots.

If you have to get your parents’ permission to go on a field trip or take an aspirin in school, but not to get an abortion … you might live in a country founded by geniuses but run by idiots.

If you have to show identification to board an airplane, cash a check, buy liquor, or check out a library book, but not to vote who runs the government … you might live in a country founded by geniuses but run by idiots.

If the government wants to ban stable, law-abiding citizens from owning gun magazines with more than ten rounds, but gives 20 F-16 fighter jets to the crazy new leaders in Egypt … you might live in a country founded by geniuses but run by idiots.

If, in the largest city, you can buy two 16-ounce sodas, but not a 24-ounce soda because 24-ounces of a sugary drink might make you fat … you might live in a country founded by geniuses but run by idiots.

If an 80-year-old woman can be stripped searched by the TSA but a woman in a hijab is only subject to having her neck and head searched … you might live in a country founded by geniuses but run by idiots.

If your government believes that the best way to eradicate trillions of dollars of debt is to spend trillions more … you might live in a country founded by geniuses but run by idiots.

If a seven year old boy can be thrown out of school for saying his teacher is “cute,” but hosting a sexual exploration or diversity class in grade school is perfectly acceptable … you might live in a country founded by geniuses but run by idiots.

If children are forcibly removed from parents who discipline them with spankings while children of addicts are left in filth and drug infested “homes”… you might live in a country founded by geniuses but run by idiots.

If hard work and success are met with higher taxes and more government intrusion, while not working is rewarded with EBT cards, WIC checks, Medicaid, subsidized housing, and free cell phones … you might live in a country founded by geniuses but run by idiots.

If the government’s plan for getting people back to work is to incentivize NOT working with 99 weeks of Unemployment checks and no requirement to prove they applied but can’t find work … you might live in a country founded by geniuses but run by idiots.

If you pay your mortgage faithfully, denying yourself the newest big screen TV while your neighbor buys iPhones, TV’s and new cars, and the government forgives his debt when he defaults on his mortgage … you might live in a country founded by geniuses but run by idiots.

If being stripped of the ability to defend yourself makes you more “safe” according to the government … you might live in a country founded by geniuses but run by idiots.

What a country!!!!

What Can We Expect in the Near Future?

In a speech David Stockman, former OMB Director under Reagan, had this to say about White House budget predictions:

There is one powerful factor, however, suggesting that the man with his "The end is near," sign may show up any day now. Specifically, the afore-mentioned $1.5 trillion per year of current policy deficits as far as the eye can see assumes that we are having a Keynesian moment, not an Austrian one. The new White House budget, for example, postulates that the Keynesian medication has worked like a charm, thus, there will be no recession for the next 10 years, although we have averaged one every 4.3 years since 1947. It also assumes that real GDP growth will average 3.2 percent over the next decade or double the 1.7 percent average during the past decade. Finally, it projects the U.S. economy will generate 20 million new jobs during the coming decade compared to only 1.7 million during the last 10 years. As the man with the sign also said, "Good luck with that."

Zero Aggression Project (ZAP)

I print my personal "business cards" a few at a time on my computer. Below is the new reverse side.

http://www.zeroaggressionproject.org/

We need to withdraw from...

...(1) Iraq, (2) Afghanistan, (3) Chicago?

(from an email)

Wow, [are] Illinois and Chicago great or what? Perhaps the U.S. should pull out of Chicago?

Body count: In the last six months 292 killed (murdered) in Chicago, 221 killed in Iraq AND Chicago has one of the strictest gun laws in the entire US.

President: Barack Hussein Obama
Senator: Dick Durbin
House Representative: Jesse Jackson Jr.
Governor: Pat Quinn
House leader: Mike Madigan
Atty. Gen.: Lisa Madigan (daughter of Mike)
Mayor: Rahm Emanuel

The leadership in Illinois - all Democrats. Thank you for the combat zone in Chicago. Of course, they're all blaming each other. Can't blame Republicans; there aren't any!
Chicago school system rated one of the worst in the country.
Can't blame Republicans; there aren't any!
State pension fund $78 Billion in debt, worst in country.
Can't blame Republicans; there aren't any!
Cook County ( Chicago ) sales tax 10.25% highest in country.
Can't blame Republicans; there aren't any!
This is the political culture that Obama comes from in Illinois.
And he is going to 'fix' Washington politics for us???

I fear for this (our) country.

(end of email)