> Economics 101 often fails to convey the crucial fact about rationing: under any rationing system that isn't a pure random lottery, the only effect of rationin

> Economics 101 often fails to convey the crucial fact about rationing: under any rationing system that isn't a pure random lottery, the only effect of rationing a good is to change the currency in which that good is priced. [1] Isn't it often worse than that? Unless rationing can be perfectly enforced (e.g. require consumption of the entire resource under observation of enforcers, which is actually most tenable with housing by frequently checking to make sure only the authorized people are present) then secondary grey/black markets form when there is an opportunity for arbitrage.