Loose-Lipped Hookers Tarnish Oldest Profession

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Time was, prostitutes had a moral code: You don't kiss and tell. But the recent glut of hookers and half-hookers who have bartered their stories of bedding famous men for money and fame — see Ashley Dupré, the sundry mistresses of Tiger Woods, and most recently Jenny Thompson, who claims footballer Wayne Rooney paid her thousands of pounds a night for sex — could have devastating consequences for the oldest profession. Economist Chris Dillow takes this tale to its logical conclusion:

Fearing that prostitutes might sell their stories, men will tend — at the margin to avoid them. This will reduce demand even for good prostitutes, who in turn might withdraw from prostitution into near-substitute professions such as acting, modelling or PR.


And of course, one could argue this has already happened.

Rooney: norms, contracts and lemons [Stumbling and Mumbling via CNBC]