Tyler Cowen's Idea #6: Secondary Consequences

Title:
Tyler Cowen's Idea #6: Secondary Consequences
Description:

The sixth big idea of economics takes into account secondary consequences.

What are secondary consequences?

Let’s take the example of rent control in Mumbai, India.

Initially, rent control seems like a good idea -- affordable housing in an otherwise expensive urban center in India. However, if you look a bit deeper, you see the real cost of rent control: landlords have little incentive to keep these buildings in good condition, resulting in deteriorating structures that are unsafe for tenants.

Understanding secondary consequences is key to making good decisions and thinking like an economist.

Stay tuned for more videos in this series, Tyler’s 9 Big Ideas of Economics!

Cowen delivered this talk at the 2018 AP Economics Conference co-hosted by MRU & the St. Louis Fed. If you’re a high school teacher that wants to attend this conference next year, register here: https://bit.ly/2DozLzv

Or join MRU at a future economics teaching event! Visit this page for more information: https://bit.ly/2AQIWq5

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Video Language:
English
Team:
Marginal Revolution University
Project:
Tyler’s 9 Big Ideas of Economics
Duration:
02:31
michel.smts2@gmail.com edited French subtitles for Tyler Cowen's Idea #6: Secondary Consequences Jan 8, 2019, 6:10 AM
michel.smts2@gmail.com edited French subtitles for Tyler Cowen's Idea #6: Secondary Consequences Jan 8, 2019, 5:49 AM
Rocio14 edited Spanish, Mexican subtitles for Tyler Cowen's Idea #6: Secondary Consequences Jan 2, 2019, 7:13 PM
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tracey.hb edited English subtitles for Tyler Cowen's Idea #6: Secondary Consequences Dec 29, 2018, 1:14 PM
JustinMRU added a video: Tyler Cowen's Idea #6: Secondary Consequences Dec 28, 2018, 1:55 PM
http://www.youtube.com/watch?v=xtnP_hjoC70
Added 12/28/2018 by Justin
Format: Youtube Primary Original Synced

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