Prof. Devine writes: >> individual prices can't be explained or predicted using Marx's labor theory of value >> (more accurately, the law of value). Regular micro will do (though not the Chicago >> variant). It's a monopoly situation, where the sellers try to get as much of the >> "consumer >> surplus" as possible. That is, if they find someone who's willing to pay $200 to see >> Simon & Garfunkel, they'll try to figure out how to get him or her to pay that much >> (using >> price discrimination). The sellers who benefit the most these days are usually >> Ticketmaster and ClearChannel rather than the performers. (The scalpers sometimes >> make a lot, but they also can lose a lot. It's not like Ticketmaster or >> ClearChannel, who >> have relatively stable incomes and relatively risk-free lives.)
We were just discussing that capitalism is theft, appropriation of value, etc. Now, how did this play out at the concert? There were about 18,000 tickets sold. Let's conservatively say at an average price of $150, so there was a gross of $2,700,000 for one night's work. The Hollywood Bowl got a leasing fee. The crew was paid. Simon and Garfunkel either received a very hefty fee or a piece of the gate shared with the promoter. Now, from a Marxist perspective, what were the class relations at play? Whose labor created what value? Who exploited who? How would it work in PEN-Ltopia? >> Now why anyone would want to listen to Simon & Garfunkel is beyond me. C'mon, you live in LA. Listening to anything at the Hollywood Bowl is worth it. Pack the basket, drink wine and stare at the stars --pure bliss. David Shemano
