06 Nov

Sometimes, well-meaning people plan or take actions that they intend to create a social good or results for the betterment of all, but their actions result in undesirable unintended consequences. The people who were supposed to benefit do not do so and, in many cases, are worse off than before the action. There are many examples from economics or politics.  Here are a few: Rent controls Rent controls are prevalent in New York City. Landlords raise rents to levels that are unaffordable to many people. So, the political solution is to enact rent controls that limit the amount of rent or increases.  Rent...

09 Sep

Recently, my electric garage door opener malfunctioned. I called Bob, a repairman I had used before, who diagnosed the problem over the telephone as a bad torsion spring. When Bob arrived, he checked the door and confirmed that the torsion soil spring needed to be replaced. Bob asked me how long I planned to live in my current house.  Was I planning on selling the home soon? I told him we planned to stay in the house as long as my wife and I could live independently, which I hoped would be a very long time, hopefully, many years.  That was a...