It's always fun traveling with the family. New locations offer new insights into everyday economics. Sometimes the kids get annoyed from having to learn, but as I say, learning never stops.
The first learning example came about from observing the large number of panhandlers begging in the streets of Denver. This was an opportune time do discuss incentives and why giving money to panhandlers simply increases the number of people who take up panhandling as a source of income.
The second was a bus service that ran up and down the 16th Street Pedestrian Mall. On the front of the bus was "Free MallRide." First, we know that this service isn't free; even the kids knew that. But more importantly, they learned the incentives of politicians: It isn't as appealing to provide at public expense a service that advertises itself as "Taxpayer Subsidized MallRide" than it is to have "Free MallRide." We want it all and we want it "free." Politicians are certainly willing to oblige with the charade.
Lastly, the Sheraton Hotel in Denver advertised its $70 million renovation project as "Our gift to the city of Denver." Another teaching example for self-interest. Is serving the interests of Denver the motive behind the renovation project or is it in the interest of Sheraton to spruce up its hotel? Does it matter? Not at all.
[An individual is] led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.
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