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.
3 comments:
-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.
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.
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.
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