Quote by James M. Buchanan on Rent Control and Economic Policy

„Rent control is one policy that economists universally would oppose. It is a grossly inefficient way of allocating housing space and, of course, it inhibits construction and creates the very thing it is supposed to alleviate. It is one of those things where people simply don't understand simple economics and, therefore, put in for political reasons what will damage the very people that it is designed to help. Minimum wage levels are another classic example.“

James M. BuchananJames M. Buchanan explains why rent control and minimum wage are economically inefficient and often counterproductive.
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James M. Buchanan was an American economist and Nobel laureate, known for his work on public choice theory.

James M. Buchanan critically analyzes rent control and minimum wage policies from an economic perspective.


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James M. Buchanan quote about rent control, housing policy, and economic consequences

James M. Buchanan (1919–2013) was an American economist best known for developing public choice theory, analyzing political behavior using economic principles. He was awarded the Nobel Prize in Economic Sciences in 1986.

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"State interference in economic life, which calls itself economic policy, has done nothing but destroy economic life. Prohibitions and regulations have by their general obstructive tendency fostered the growth of the spirit of wastefulness." Ludwig von Mises
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James M. Buchanan quote about artificial scarcity and wasted resourcesCopyright © yoice.net – Quote Artwork
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"If you create an artificial scarcity through public policy, artificial rent so to speak - setting up a new import quota or giving out a particular office that is very beneficial - people are going to invest money, time and resources in trying to secure that opportunity. If the value is created independently of the search for it, the search for it is wasted." James M. Buchanan
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James M. Buchanan quote about interest groups, market solutions, voluntary exchanges, and economic libertyCopyright © yoice.net – Quote Artwork
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"Building on the public's unwillingness to act on principle in support of market solutions to apparent problems, whether real or imagined, these interest groups secure arbitrary restrictions on voluntary exchanges and, in the process, secure rents for their members while reducing both the liberties and economic well being of other members of the economic nexus, both domestically and internationally." James M. Buchanan
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Murray Rothbard discussing the relationship between minimum wage laws and unemploymentCopyright © yoice.net – Quote Artwork
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"Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers... Because a minimum wage, of course, does not guarantee any worker's employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him." Murray Rothbard
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