Thursday, May 3, 2012

IU Students Extorting Other IU Students Over Graduation Tickets

The Indy Star has the story here. Obviously it's deplorable that some Kelley Business School here at IU students have hoarded free graduation tickets and are now offering them at extortionate prices to other students, who without them are unable to attend their own graduation ceremony this weekend.The extortionists, err, capitalists are merely applying lessons learned in 4 years of business school (although I thought they were required to take at least one course in business ethics).

Don't get me wrong, I believe in the laws of supply and demand as much as they do. But I also believe that social context matters. Not every social interaction is, or should be, a for-profit market. In this case, profiteering should take a back seat to cooperation and fellow-feeling, which are among the "Moral Sentiments" Adam Smith wrote about in his book of that title, which is less read but every bit as important as his Wealth of Nations.

Some might be inclined to look upon this episode as a natural experiment confirming the natural acquisitiveness (or greed) of humans. In fact, we cannot generalize from this case to the population as a whole because the subjects are, after all, business students.They are not representative of human subjects.

Still, it's a black eye for the IU and especially the Kelley School

No comments:

Post a Comment

I actively moderate comments for spam, advertisements, and abusive or offensive language.