Jay Richards, assistant research professor, business, was quoted in a Washington Times story on bathroom bills.
... “If Bruce Springsteen pulls out and doesn’t perform at a concert, then that opens up concert space, and there’s somebody else who’s going to be willing to go there,” said Jay Richards, Catholic University assistant research professor of business and economics.
He said the problem with adding up the cost of the departures is that it accounts for only “one side of the ledger.”
“Let’s say Bruce Springsteen pulls out of a concert and nothing else happens, then you can add up the ticket prices and say that’s how much the state lost,” Mr. Richards said. “But that’s not how markets ever work. It’s just like a boycott against a product: It doesn’t mean nobody buys the product. It means some people don’t, and it might drop the price a bit because there’s lower demand.” ...
Continue reading in the Washington Times.