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Anorak | The School Holiday Travel Trap: What Is It That People Don’t Understand About Markets?

The School Holiday Travel Trap: What Is It That People Don’t Understand About Markets?

by | 15th, February 2014

THIS is one of those stories where you just have to put your head in your hands at the gross stupidity of our fellow citizens :

When he vented his frustration about holiday prices shooting up during the school half-term break, Paul Cookson struck a chord with other parents.

His rant to 250 Facebook friends quickly went viral as outraged parents shared his post about rip-off prices 143,000 times.

Now the issue may even be debated in Parliament after more than 100,000 signed an online petition calling for the Government to curb prices.

Yep, 100,000 people are entirely mystified about why the price of something might rise when more people want it. Completely blind to the way that prices, supply and demand interact. You wonder how they manage to exist in a market economy really.

Plane tickets go up when more people want to fly. Concert tickets rise in price the more people want to go and see that particular band. No one

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Posted: 15th, February 2014 | In: Money, The Consumer Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink