Broadway Ticket Prices and Balml's Cost Disease

In a world with expanding entertainment choices, Broadway's ticket prices have surged beyond $125 on average, with ticket buyers having an average household income of over $270,000. This inflation was forecasted in 1965 by economists Balmell and Bowen, who explained Balml's Cost Disease. The theory highlights that when industries fail to increase productivity using new technologies, labor costs keep rising, leading to price spikes. This phenomenon is not only seen in Broadway but also in healthcare and education sectors, where despite technological advancements, the high labor requirement leads to significant inflation.