The “Being Swindled” Demand Curve Shifts Left

(iStockphoto)

A recent headline in The Onion reads, “Boardwalk Con Men Hit Hard By Sharp Decrease in Chumps.” Even though it’s a fake story, we can still have some fun with the economic principles it illustrates. According to the piece, the weak economy has reduced people’s willingness to be swindled— the demand for being swindled has shifted left. It’s gotten tough for swindlers, with one complaining, “In a stagnant economy like this, I can’t get no one interested in the same old grift.”

Not surprisingly, in this competitive industry (presumably entry/exit into/out of swindling is fairly easy), it is likely that some swindlers will leave the industry. The story notes that, unless the economy improves, many will, “…pull up stakes and take it down to Florida, where the chumps are a dime a dozen.”

That exit should restore normal profits for the swindlers who remain on the boardwalk.

TAGS:

Leave A Comment

Comments are moderated and generally will be posted if they are on-topic and not abusive.

 

COMMENTS: 2

View All Comments »
  1. Menth says:

    The economic downturn has been pretty good to the real swindlers: those fat cats on wall street!
    *rim shot*
    amirite?!

    Was that good, did I do that right?

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 6
  2. Dylan Lewinski says:

    This freakonomics article although based on a fake headline truly does summarize our economic state. With the rising prices Americans are more conservative with their spending habits and is effecting various aspects even the economy. This can even be related to con artists who find a way to swindle people into spending unnecessary money. However, being reluctant to spend, people are less likely to fall prisoner to such acts.

    Thumb up 1 Thumb down 0