Taylor Swift Accidentally Broke The System

Although Destiny makes a good point in the intro, he unfortunately voice cracked twice and therefore his opinion is moot.

I miss Lycan jumping into the discord to explain why car companies should sell 40k cars for 2 dollars and a subway gift card

Destiny is an economic name.

i feel like people sometimes forget that the ability to afford things like concert tickets is a fairly new phenomenon. back in the day things like concerts that featured very famous people really WERE just for the rich. If you wanted to hear live music, you would go down to the local hall and listen to some kid play the fiddle or something. there is absolutely no chance that the average or even above average worker would ever get to see mozart. We have been spoiled by living in the age of accessibility. for a minimum wage earner, high quality electronics are only a few days wage, plane tickets anywhere in the world are maybe a months wage, a car is a years wage, etc. even just 50 years ago, these things would have been one of the biggest and most prohibitive expenses a low income earner could possibly take on. The issue most people seem to have today is that these luxuries are relatively cheap while necessities are becoming unaffordable, but cutting out the luxuries is not always enough to make the necessities affordable. people just aren't used to that feeling of inaccessible luxury anymore

You’re looking for DWL “dead weight loss” it’s the triangle above artificial price cap line. Plus supply shortages created because less incentive to generate the next unit after the upward supply line crosses the price control line.

To a certain extent, I think musicians also price their tickets lower than they could get away with because 1. They want to avoid the venue not being fully sold 2. The rarity of tickets make the people that do get a ticket more excited.

Fun fact: people were flying to Europe to see Taylor cause it was cheaper then spending a weekend in Munich or London than buying tickets stateside.

Financial analyst here: what people aren't understanding about what Destiny's saying regarding price controls not working is that the "efficient price" is not necessarily the price that you want to pay for a good, that is a price that would give you "consumer surplus" (i.e. you're getting a good deal). The "efficient price" is the price that makes you indifferent to purchasing the good (i.e. the price is so high that I'm only going to purchase one lot of the good) i.e. not a great deal by any means but you're not going to complain about it. If you set the price too low, that means that there will be way more demand than there will be quantity supplied, because people will pounce on the great deal. If a price is capped at this level, consumers won't be competing on price anymore, they will be competing on other things. For ticket sales - if the price is capped low, then consumers will need to compete based on speed of transaction. For rent - if price is capped too low, then renters will need to compete not only based on something akin to a "credit score" i.e. a doctor will be more likely to pay rent at the end of the month and will be more likely to keep the place in good shape, not cause issues etc. than an Amazon warehouse worker. Price caps replace one problem with another problem (being other ways that the consumer will need to compete).

Moral of the story: support local musicians.

Did i just see a actual edit