One Small Step for Economic Freedom…
One giant step for outrageous prices for sporting events. This excellent development may lead to increased prices for tickets to major sporting events, like playoff games or Cubs-Cardinals games, but there is nothing wrong with that. As previously discussed on this blog, tickets are a commodity and people should have a right to resell a commodity they have invested in. I commend the state legislature for moving to eliminate this silly law. I don’t like the prohibition against buying more than 20 tickets to an event, though. Teams, or artists or stadiums, should choose, and many do, to implement rules like this on their own to fight scalping or ticket hording. We don’t need another law dictating it, especially on a bill where we are getting rid of a worse law.
My predictions on the pricing effect of legalizing scalping will be discussed in a future post. Undoubtably, the standard liberal economic view that legalization would lead to lower prices largely applies, but there are small differences I will discuss further.
