The David McWilliams Podcast What Taylor Swift & Oasis Tickets Tell Us About The Economy!
Sep 3, 2024
Taylor Swift, the renowned singer-songwriter, discusses the intersection of her concert ticket demand and Ireland’s housing crisis. The conversation examines how the high demand for Taylor’s tickets mirrors the country's broader economic challenges, highlighting a fundamental supply problem. They delve into the shift from demand-driven to supply-driven issues in Ireland, advocating for better infrastructure investment. The talk also critiques new land sale tax policies and suggests legal reforms to mitigate local opposition in housing development.
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Fixed Supply Means Prices Absorb Demand
- When supply is fixed and demand surges, all adjustment happens through price increases.
- Taylor Swift tickets exemplify how constrained supply drives extreme secondary-market prices.
Ireland's Problem Is Now Supply, Not Demand
- Ireland has shifted from a historical demand problem to a modern supply problem across housing and infrastructure.
- This supply constraint, not lack of demand, now explains rising prices, congestion, and labour shortages.
Increase Capacity To Ease Inflation
- Boost supply by increasing capacity: build houses, railways, hospitals, schools and turbines.
- Prioritize physical infrastructure over more current spending to relieve inflationary pressures.