Interesting new market in L.A.

With the economy in the slumps, people are finding new innovative ways to create profit. In January, previous gang member, Alfred Lomas, started a new entrepreneurial business in L.A. called L.A. Gang Tours. This New York Times article on the L.A. Gang Tours is a perfect example of a new market economy.

Market economies are created through private property, freedom of choice, role of self-interest, competition, markets and prices with limited government. Lomas, the creator of this market in L.A., has taken into consideration almost all of these characteristics of a market economy. The lack of one specific characteristic, self-interest, is evident because Lomas takes the profits made by the tour, $65 a tour per person, and gives it back to help gang members.

Not only is Lomas creating one new market economy, but because of his idea of the L.A. Gang Tours, Lomas is opening a door for other market economies to emerge. "One passed along a tip to Scorpio about getting a financial backer for the nonprofit group. Another promised to offer marketing pointers to Lomas."

For more information on this new interesting market in L.A. click here.