Imagine if there were a scarcity value to living in the U.S. and Americans could profit from it.
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"Americans" haven't even been able to collectively profit from huge gains in per capita efficiency.
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fair, though part of that is the 84 million additions since 1965 from immigration
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Gap between productivity & comp. started shortly after 1965. really makes u think.pic.twitter.com/ASvYNVfbhd
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I can't quibble w/the raw economic reasoning. But how much of the price Mankiw paid is "quality" vs. "social proof"?
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Mankiw can reveal he is well-off cuz this show has all the right markers associated w/it. It's the social exclusiveness & rapt
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attention to exclusion of possibly otherwise worthy theater that makes this social controversial, not the raw amount paid.
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*show controversial.
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Is "Hamilton" a Giffen Good--something people demand precisely because it's expensive?
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If such a good can indeed exist, it would be the sort of thing consumed by Wall Streeters & NY culture-snobs.
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huh, I heard a Hamilton song on pandora for free and thought it was shit
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suddenly Hillary's nuclear holocaust doesn't seem so bad
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Hypothesis: most people who like Hamilton, are, at heart, Hamiltonian.
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