By Thomas E. Hall
When govt imposes new taxes, principles, or rules, it creates results that regularly range from the unique cause. on occasion, those results are so serious that they render the coverage a failure. The legislation of unintentional results has taken on an expanding value through the period of ever-expanding govt, and this booklet explores 4 very important examples: cigarette taxes, alcohol prohibition, the minimal salary, and federal source of revenue tax. Thomas E. corridor examines how the regulations got here into being, what underlying political issues motivated the method, the unintentional results of the rules, and why lots of those guidelines are nonetheless in position. simply because lots of those unintentional effects are heavily opposed, the writer argues that the ethical of those 4 key examples is that at any time when a brand new govt coverage is being thought of, even more distinct assessment needs to be given to the diversity of strength unintentional consequences—a perform that's not often or effectively undertaken.
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Extra info for Aftermath: The Unintended Consequences of Public Policies
This unpleasant financial position led some homeowners to abandon the premises and stop making payments on their mortgages. In addition, when prices started to fall, fewer potential buyers saw housing as a speculative investment. Meanwhile, further pressure was placed on the housing market by the upward adjustment of interest rates on adjustable-rate mortgages issued during the boom as low introductory “teaser rates” expired. As a result of these and other factors, the demand for houses fell while the supply continued to increase (as homes being constructed during the boom were completed), causing prices to plummet.
Prohibition—United States. I. Title. 60973--dc23 Ebook ISBN: 978-1-939709-39-4 2014017681 Printed in the United States of America. W. C. org To the memory of my brother Jim Contents LIST OF FIGURES AND TABLES PREFACE 1. Introduction 2. Federal Income Taxes: Funding the Welfare State 3. Cigarettes: Creating Crime through Taxes 4. The Minimum Wage: Promoting Teenage Unemployment 5. The Fruits of Alcohol Prohibition: Poison Booze, Crime, and Corruption 6. S. S. S. S. S. Gallons for Drinking Age Population (15+ years), 1710–1840 Preface This book describes four case studies of the law of unintended consequences as it applies to government policy.
Minimum wage laws first appeared at the state level in the early 1900s and were advocated as a method of raising the cost of employing women and children so that employers would replace them with adult men. , a “living wage”) and encouraging children to attend school instead of working. The federal minimum wage law was enacted in the 1930s and has existed ever since. The problem with a minimum wage law is that it can artificially raise the wage rate of marginal workers above the value they create while working for an hour.
Aftermath: The Unintended Consequences of Public Policies by Thomas E. Hall