Unintended consequences

Davidson on rent control as “perverse”

A good journalistic piece in The New York Times: “The Perverse Effects of Rent Regulation.” (Thanks to R.M. for the link.) Rent control is a classic case of bad economics and bad ethics. The bad economics is ignorance of unintended consequences — in this case a price control that makes the initial problem worse. The […]

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Two cautionary tales about cholera, the plague, and politics

Cautionary Tale #1 The plague hit London again in the hot summer of 1665. Panic struck and rumors abounded about its cause. The Lord Mayor of London was convinced of one theory: the plague was spread by cats and dogs. So he ordered all the city’s cats and dogs killed, and an estimated 40,000 dogs

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