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March 29, 2007
$300 dollar hammers c. 1907
A wise man once said that the only good monopoly is the one you own. The March 29, NYT reports on a hearing concerning the decorating and furnishing of the Pennsylvania State Capitol in which there seemed to be extraordinary overcharges by the main contractor. The testimony before the Penn. State Legislature focused on how much the contractor, one Sanderson & Co., had marked up the prices charged by the various subcontractors involved. Conveniently, the article reports on what sub-contractors were paid for their goods and services and what the state paid the primary contractor: Subcontractor: $175 Contractor: $1,619 Subcontractor: $65 each Contractor: $264.60 each Subcontractor: $70 to $75 each Contractor: $285.73 each Subcontractor: $10 each Contractor: $73.60 each Subcontractor: $14 each Contractor: Between $36.80 and $73 each Subcontractor: $130 Contractor: $349.60 Subcontractor: $6,145 Contractor: $62,486.40 Subcontractor: $325 Contractor: $3,256.80 I especially like the markup on the woodworking subcontracting. Posted by Craig Depken at 11:38 AM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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