Economics is about maximizing happiness. So it's no wonder that we can see a lot of good economics in the happiest place on earth. But even in Disneyland (specifically, Tokyo Disneyland) there is room for improvement.

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Start with the economics that Disneyland gets right.

Disneyland is very good at price discrimination. Price discrimination is when a firm charges different prices to different consumers. Tickets are cheap for kids aged 12 to 17, even cheaper for kids aged four to 11 and free for kids under three. Only adults face the standard price. Tickets are cheaper for people with a disability and tickets are cheaper on weekdays.

Price discrimination sounds bad, but it's good economics. Some people have a lower willingness to pay for tickets to Disneyland, usually because their income is lower. Charging these people standard prices is bad for everyone: it's bad for the people who would like to go to Disneyland but can't afford to, and it's bad for Disneyland since, collectively, these groups are a large market that could be worth lots of money if Disneyland was to be more flexible on prices. By having different prices for different people, happiness is maximised.

Disneyland also price discriminates in the opposite direction. Some of the more popular rides at Disneyland require you to line up for more than two hours. Luckily, Disneyland........

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