Some time ago Pete Rose signed a bunch of baseballs with the inscription “I’m sorry I bet on baseball.” According to media reports, he gave these balls to friends and never intended them to be sold for profit.
But the estate of one of the collectors who received the ball decided to put 30 of them up for auction. There was speculation that these balls would sell for a huge amount of money.
That is when Pete Rose stepped in and delivered one of the fundamental lessons in economics: as long as there are close substitutes available, prices can’t get too high.
He is now selling them on his website for $299. This has killed the idea of an entrepreneur making big bucks from them….. and Rose makes money.
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