Tuesday archive: The scruffy economist

From 12th Nov 2005:

The other day I was hurrying to lunch on somebody else’s expense account at a very nice Washington restaurant, The Oval Room. I began to fret that clad in my weathered racing green leather coat, I had as much chance of talking my way into the White House across the street as getting past the maitre’d without a jacket and tie.

Summoning up indignation in advance, I angrily asked myself why anyone would turn away the guest of a paying customer. Scruffs pay the bill the same as anyone else, so isn’t the dress code of jacket and tie commercial suicide?

Actually, the smart restaurateur, armed with the swift feedback of market forces, does what governments tend to find rather difficult: balance the competing interests of different people. Some people will pay to eat a meal surrounded by the smart set. Other people will pay to eat a meal without having to dress up. The restaurateur gets to decide whose wishes count – the snobs or the slobs.

Continued at timharford.com.

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