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Wednesday, May 23, 2007

Economists have downward sloping demand for booze

These two pictures have been on my cell phone since the ASSA meetings in Chicago in January 2007. These pics show that even economists have downward sloping demand curves. Now if only the rest of the world would recognize the same.

Free booze in the Chicago Embassy Suites during happy hour [faces blurred to protect identities]:



After happy hour (around 10pm) the price of booze has increased and the bar is empty:



Sometimes the principles of economics come right up and smack you in the face. When economists give us the example, it's even better.

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