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Jay Leno Freaks Out That The Unemployed Might Prefer Money Over Free Leno Tickets
from the let's-explain-the-free-market... dept
Nearly four years ago, we wrote about Bob Geldof's odd freak-out against eBay when it was discovered that ticketholders to his LiveAid event were selling the tickets on eBay. This was silly for a variety of reasons -- including the misdirected anger at eBay. But, more importantly, we couldn't figure out who this was harming, at all. Geldof had chosen to give out the tickets for free -- and some people preferred to have money rather than the tickets. Others would get the tickets they valued more. Everyone's better off. Where's the problem?
Apparently, Jay Leno needs that same lesson, and economist Greg Mankiw is explaining it to him. Leno went to Michigan and gave out free tickets to unemployed workers in the state -- and then complained when people put the tickets up for sale on eBay. Remember, these are unemployed people. For many of them, do you think they'd prefer some extra cash or the opportunity to see Leno live? Hell, do you think they'd be better off with cash or the free trip to Leno? Obviously, some greatly prefer the cash -- and it actually seems quite mean of Leno to try to deny them that cash by demanding that eBay take down the auctions.
