Economics professors love to make themselves look smart and policy makers look stupid. Hence, we love the Law of Unintended Consequences. This article provides a great overview of the law and examples. Below is a new example I found from the Journal of Public Economics.
U.S. counties which enacted smoking bans has experienced a 13% increase in fatal alcohol-related car accidents, as smokers drove further to find a bar that allows them to smoke. Which would you rather experience, second-hand smoke or a car accident?
Thursday, December 11, 2008
Blog Archive
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2008
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December
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- I told you the money supply doubled!
- The Money Supply Has Doubled!
- Thoughts on Austrian Economics
- Michael Pollan Stars in Atlas Shrugged
- Unintended Consequences
- Saving for Retirement
- Put your money under the mattress
- Wealth of Nations: Part 1
- Can Obama Create Jobs?
- Understanding Exchange Rates
- Worst Intro Ever
- Best Economic Quote Ever
- I have this friend, who...
- New Era of Ag Econ
- Finance and the Macro
- We are finally saving more money
- The Importance of California for Animal Rights Mov...
- Pilgrim Socialism
- I Hate Aggregate Supply / Demand
- Blog Medley
- What OK College Kids Listen To
- Making Fun of Students
- Smoke'em if you got'em
- Blogs are awesome, and prestigious
- Unemployment During the Great Depression
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December
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