Let's say if the tickets were priced at $200 that would be more than enough to cover all the costs and pay people fairly etc.
But because of "unprecedented demand" on a fixed item.. they might say:
"Hey why not charge $300, or $400, or $500! Sure, 90% of the population that doesn't make great money won't be able to afford them, but the top 5-10% of people will still pay because it doesn't matter to them.. and we get to double or triple our profits!"
That is simply greed outweighing.. public interest (for lack of a better word). The problem with this world is so many people want to make as much as they can even if it's not "fair". I know that's just horrible anti-capitalist talk...
Maximizing profits is literally inconsistent with the well being of the population. This situation is the perfect example. Most people go to their econ101 supply & demand bullshit to justify price gouging and wealth inequality.
They have only so many tickets, they need a way to determine who get them, so they use price to solve the scarcity problem. They could use other ways, but that would mean less profits and maybe unfairness somewhere else. It is not fair for everyone but it ranks on the low end of injustices.
But I think I see your larger point. Imagine if this was not concert tickets, but a sudden food shortage. We already see it with housing and medical care. Solving the scarcity problem by price alone can get really unfair and dehumanizing in a hurry.
You say unprecedented demand... ok.
Let's say if the tickets were priced at $200 that would be more than enough to cover all the costs and pay people fairly etc.
But because of "unprecedented demand" on a fixed item.. they might say:
"Hey why not charge $300, or $400, or $500! Sure, 90% of the population that doesn't make great money won't be able to afford them, but the top 5-10% of people will still pay because it doesn't matter to them.. and we get to double or triple our profits!"
That is simply greed outweighing.. public interest (for lack of a better word). The problem with this world is so many people want to make as much as they can even if it's not "fair". I know that's just horrible anti-capitalist talk...
Maximizing profits is literally inconsistent with the well being of the population. This situation is the perfect example. Most people go to their econ101 supply & demand bullshit to justify price gouging and wealth inequality.