By Thomas E. Hall
When govt imposes new taxes, ideas, or laws, it creates results that regularly range from the unique cause. at times, those results are so serious that they render the coverage a failure. The legislation of unintentional results has taken on an expanding significance through the period of ever-expanding govt, and this booklet explores 4 vital 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 guidelines, and why lots of those rules are nonetheless in position. simply because a lot of those unintentional results are heavily opposed, the writer argues that the ethical of those 4 key examples is that every time a brand new govt coverage is being thought of, even more particular assessment has to be given to the variety of power accidental consequences—a perform that's not often or effectively undertaken.
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Extra resources for Aftermath: The Unintended Consequences of Public Policies
Throughout that period, the government regulatory agencies in charge of monitoring the situation raised few alarms. The expansion in mortgage lending helped raise the demand for houses, and the price increases that resulted were exceptional. Nationally, house prices rose more than 100 percent from 1995 to 2006. This large and sustained increase led to speculative buying, which further increased demand (Case and Shiller 2003). Large numbers of Americans amassed paper fortunes in real estate. S. government’s efforts to promote homeownership were working: the homeownership rate rose from 64 percent in 1995 to 69 percent in 2004.
Federal government to promote home buying. In 1992, Congress passed the Housing and Community Development Act, which “essentially gave [the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)] a mandate to purchase lower-quality mortgages” (Acharya et al. 2011, 32). 3 Another important factor was the 1995 amendment to the Community Reinvestment Act, which urged banks to increase lending to low-income Americans. If banks failed to meet the standards they were not subject to explicit penalties, but lending data would be made available to community groups.
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. The well-known result that government policies designed to bring about one set of goals often create unanticipated outcomes has taken on increasing importance as governments become ever more involved in social and economic affairs.