Seinfeld Economics

It turns out that the show about nothing might be able to teach you something. A fun new site called "The Economics of Seinfeld" draws lessons from the antics of Jerry, George, Kramer, Elaine and the rest of the crew. Here's one that deals with price ceilings and rationing mechanisms:

Jerry lives in a rent controlled building. The only time an apartment opens up is when Mrs. Hudwalker dies, because rent controls create immobility. Elaine and Jerry find out about the opening, and because Elaine happens to be first in line, she gets it for $400 per month. Subsequently, Jerry gets worried about having Elaine living so close, and tells Elaine that she can't have the apartment--the super was offered a $5,000 bribe.

Read the full story at The Economics of Seinfeld.