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Harvard prof happy with $2,500 ticket
From left: Daveed Diggs, Okieriete Onaodowan, Anthony Ramos, and Lin-Manuel Miranda perform in the musical, “Hamilton.’’ (Joan Marcus/PBS via AP)
By Mark Shanahan
Globe Staff

Frustrated by the high price of “Hamilton’’ tickets? Don’t be. It’s just America’s free market economy working as it’s supposed to.

So says Harvard economics professor N. Gregory Mankiw in a provocative piece penned for The New York Times. In the column, titled “I Paid $2,500 for a ‘Hamilton’ Ticket. I’m Happy About It,’’ Mankiw, who was one of President George W Bush’s top economic advisers, says it’s “lamentable’’ that the extraordinary demand for tickets to Lin-Manuel Miranda’s hit musical has made prices prohibitive for many prospective patrons, but, hey, that just means there’s more tickets for wealthy folks.

“It was only because the price was so high that I was able to buy tickets,’’ writes Mankiw, who says he was able to buy three “Hamilton’’ tickets via StubHub two weeks before the show. “Some people might object to this price. Terms like ‘scalping’ and ‘price gouging’ are pejoratives used to demonize those who resell tickets at whatever high prices the market will bear.’’

But the professor is a glass-half-full kind of guy: “If legal restrictions or moral sanctions had forced prices to remain close to face value,’’ he writes, “it is likely that no tickets would have been available by the time my family got around to planning its trip to the city.’’ (He goes on to say that he’s “saddened’’ that 80 percent of what he paid went to the ticket broker and not to Miranda and the show’s investors.)

We’re guessing not everyone, especially the legion of 14-year-old girls who’ve committed the show to memory but whose parents can’t afford to take them to see it, agrees with Mankiw’s logic.