Greg Mankiw explains how:
1. Comedian Jay Leno takes his show to Michigan to help “not just the autoworkers — anybody out of work in Detroit.”
2. He gives away tickets for free.
3. Someone tries to sell his ticket on eBay.
4. Mr Leno objects.
So I wonder: If a person down on his luck prefers the cash to the opportunity to watch Leno live, why would Leno object? Is it altruism that is really motivating Leno here? Is he really sure that the unemployed person in Detroit would be better off with an evening of laughs than $800 in his pocket?
So if you’re stupid enough to prefer a night watching Leno live to $800 in cold hard cash — we know what choice we’d make in a frickin’ heartbeat — it’s tough luck for you buddy.