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> We're still waiting I don't recall you asking me for a name, but if you insist, is Richard Arnott [1] good enough for you? He wrote the highly cited "Time fo
by chalst 6y ago
> We're still waiting
I don't recall you asking me for a name, but if you insist, is Richard Arnott [1] good enough for you? He wrote the highly cited "Time for Revisionism on Rent Control?" You can explore the reaction of the economics profession to his arguments on Google Scholar [3]. He cites the figure of 93% of eonomists opposing rent control, which then could be considered a consensus, but that was before the work of Krueger and Card cast a shadow on these orthodoxies coming from simplistic marginalist arguments whose empirical support was weak anecdotal evidence. Today there is no such consensus.
Incidentally, between the period of the perceived success of the New Deal and the pro-interventionist era immediately following WW2, there was also a consensus of economists on this question, but the opposite one: rent controls were viewed as a good thing.
[1]: http://www.narsc.org/newsite/internal/richard-j-arnott/ http://www.narsc.org/newsite/internal/richard-j-arnott/
[2]: https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.9.1.99 https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.9.1.99
[3]: https://scholar.google.com/scholar?cites=1157340330382125689&as_sdt=5,39&sciodt=7,39&hl=en https://scholar.google.com/scholar?cites=1157340330382125689...
- JAlexoid 5y agoWait! Who said that there's no consensus. The only thing that you presented, so far, is that 93% of economists oppose rent controls. And from what I read is that there's a debate into how much rent control is OK for the overall economy. Not really a change about its negative impact on the rental market.
- chalst 5y ago93% is generally evidence of consensus among the sampled group at that time. That time is past, but here and on Wikipedia there are people arguing there is currently a consensus among "economists" (unqualified). So far I have not seen anything I would count as a current consensus, and I don't believe there is one. It's also worth noticing a bait and switch here. The former consensus was that hard rent ceilings reduce the quality and quantity of supply. Then you see claims that its uncontroversial Econ 101 that any kind of rent control is bad for cities. If justification for the latter claim is sought, it is justified by the past-expiry-date evidence for the former claim. It's a good example of what Scott Alexander calls a motte and bailey argument.