9/30/2005

Lottery Idiot

I got a kick out of this story. http://www.nytimes.com/2005/09/30/international/europe/30lotto.html Three years ago this guy won the lottery in England. He only recieved around $15 million, but he is living like he owns the country. Since he won the lottery he has been in court over 30 times and spent over three months in jail. He is always doing crazy things like having a demolition derby in his front yard, or throwing huge parties at his house, 0r getting thrown out of hotels for tearing down a chandelier while trying to swing from it. I am so glad that the market system works the way it does. Imagine if everybody was rewarded on the luck system. Society would be a mess, and nobody would do anything. Soon this jackass from England will be broke again and everyone can go back to normal.

9 comments:

ethan said...

I think that if Destiny had the money she would do it.

ethan said...

Seriously though, I think that when people get money without working for it they are more likely to blow it without another thought. When you earn everything that you have, you appreciate it more and are way better off.

Elijah said...

That guy is the freakin' man!

Chloe said...

I agree, when people get unexpected money, they are more willing to spend it on things for pleasure rather than on necessities. I know a guy that just got $30,000 for selling a prime piece of real estate. His family has only one beat up car between the 6 of them and they aren't very well off. He ended up spending that money on a brand new boat. It seems a little crazy to me.

taylor said...

I agree that when you get "free money" you are not always smart about how you spend it. Most people who work very hard for their money are more responsible with it and don't just blow it on crazy things.

Dr. Tufte said...

-2 on Sara's post for a poorly formatted link, and a spelling error.

-1 on Ethan (sorry - that's the only way I can keep track of a comment that shouldn't be counted).

-1 on Elijah's comment.

There is some evidence on this in microeconomics, but I'm going to plead ignorance here - I can't remember offhand what it actually said.

Alex said...

I think that if I were to win the lottery, I would probably do some stupid things myself, but not so stupid as to spend all of your time in jail. What's the point in winning money if you never get to enjoy it?

carter said...

Dr. Tufte said that there is some evidence of microeconomics here.
It has been shown that many people who get money by luck lose it. Economics means the branch of social science that deals with the production and distribution and consumption of goods and services and their management. People who are educated about economics and earn there money usually have a more socially expectable way of spending it.

Dr. Tufte said...

I'm not sure what this adds Carter - what you've reported is an observation of reality (which appears to be true), but I was referring to a theory of why people do this. Anyway, I still don't remember what it said.