The Red Sox announced yesterday that they are funding a ballot initiative to repeal the law of supply in Massachusetts this November. The team hopes the initiative will quell outrage over high ticket prices at Fenway--which have lead the league for the ninth consecutive year--and the lackluster effort shown in the team's 1-5 start after finishing last year on 7-20 run.
The team president explained the economics of the initiative: "The law of supply says if you lower supply it drives prices up. We insist on playing our home games in a 100 year old undersized stadium with about 25% lower capacity than it should have"which leads to "a terrible experience with fans paying more to be packed like sardines" in what "everyone not born within the city limits can see is a complete dump."
Harvard economist Greg Mankiw said he "do[esn't] think you can repeal this kind of law" but cautioned that he "only spent a few years at Harvard Law and did not finish [his] J.D."
Kentucky residents, inspired by the initiative, have filed papers to petition for the repeal of the law of gravity.
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I love the quote by Scott.
ReplyDeleteI don't understand the crying over ticket prices. It's a city, a popular club, and a small stadium. What do they expect?