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'Renters Are Struggling': Economists Back Tenant-Led Push for Federal Rent Control
(www.commondreams.org)
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this post was submitted on 06 Aug 2023
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What is that link? So over a decade ago, 40 people that I don't know indicated their opinion about rent control on a website. That's your proof? Of what exactly? What was the methodology in which they were selected? Come on, some basic science please!
At any rate that's not an economic model involving real world data. It's just a poll on website that 40 people responded to.
And I did take Econ 101. And also Econ 201 where they explain the requirements for supply and demand: -Free movement of labour -Infinite number of competing companies -Perfect knowledge -No barriers to entry
In other words, things that are impossible in the real world.
Looking at a supply and demand curve and thinking you know about economics is like reading Act 1 of Romeo and Juliet and thinking you're a PhD in English Literature. Supply and demand is theoretically how things are supposed to work which you learn about in Econ 101. Beyond Econ 101, most of economics is about why it doesn't work like that in the real world what regulations are needed to approximate something vaguely resembling supply and demand. And sometimes a regulation that moves away from supply and demand in one market can get us closer to a reasonable supply and demand approximation in other markets. As I mentioned before, rent control helps the labour market, which is kinda important.
Ok, so you got nothing but appeal to authority, and the "authority" is a decade old poll that 40 people responded to on a janky website?
Apparently this IGM forum is something paid for by the Chicago Stock Exchange. I don't see any indication of the methodology they used to select these particular people. Given the source of their funding, it makes me a little suspicious. $1.5 million to 40 economists to answer an email once a week? Was the Chicago Stock Exchange paying that money for honest answers or were they paying for the answers they wanted to hear?
And they don't seem to do any macroeconomic analysis. Methinks it's just some bullshit meant to influence public opinion. I guess it worked on you.