Which of the four (4) apply to explain the excess demand created by the imposition of rent controls on New York City apartments after World War II?

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FIRST person Julita
The theory that Coase proposes, and many other scholars suggest that if property rights are demarcated or assigned, the problem of externalities can be eliminated, however in many if not most situations that is not feasible. For example, in the scenario described in the book it talked about assigning property rights to the air, which is something every human being requires in order to survive. For those who do not have a lot of money or means to pay for property rights, in this case air becomes an added expense in their life they do not get a choice on (Stiglitz & Rosengard, 2015).
Chronic air pollution in the Valley of the Sun could potentially be mitigated if there were individuals or groups willing to pay enough for the air rights, but once again we run into the issue that if those who are trying to address the air pollution problems do not have the means to pay for it, everyone else must suffer as a result of this. This would be the case with most public goods in my opinion, that those who are just co-existing in these same areas where public goods gain property rights, essentially become collateral damage in this bidding war. The feasibility of this proposal is actually quite high being that private property rights are essentially already bought when an organization purchases a building and then imposes smoking or no smoking policies, however this would take more work if done on a larger scale. While it would still become a very critical bidding war, it is still a policy that could be imposed if a large enough group became passionate about it. This could be detrimental to certain corporations that currently add to the air pollution problem, but it would only result in them finding alternatives to keep their businesses running which could be a win for all.
Stiglitz, J. E., & Rosengard, J. K. (2015). Economics of the public sector (Fourth ed.). W. W. Norton & Company, Inc.
SECOND PERSON CARRIE
Air is a general global public good that everyone needs for survival. There are other global public goods, but for the sake of this discussion air will be discussed. Global warming is also a public good that impacts the air quality which is a good that is imparitive to survival. “In contrast to these goods, global warming is truly a global public good. This is because provision of this global public good calls for global cooperation. To put it differently, provision of this global public good is only achieved by additive technology (Nordhaus, [ 48] ). Individual country’s emissions reduction should add up to the global emissions reduction, which is sufficient to provide a stable global climate” (Seo, S. N. 2016). The chronic air pollution in the Valley of the Sun is an issue that has been debated. This may be solved by auctioning off air rights. Auctioning off the air rights would hopefully encourage people to excellerate change. “Perhaps, also, the prospect of selling emissions credits would encourage Firm A, or a third party, to accelerate research and development of pollution control technologies.18 Traditional command-and-control regulation did not allow these benefits, or so the critique went, but perhaps alternative regulatory approaches would” (Owen, 2017). The feasibility of this working really depends on demand and getting people on board about this issue and relying on people buying the air rights.
Owen, D. (2017, November 16). Auctions, taxes, and air. UCLA Law Review. https://www.uclalawreview.org/auctions-taxes-air/
Seo, S. N. (2016). A theory of global public goods and their provisions. Journal of Public Affairs (14723891), 16(4), 394–405. https://doi-org.lopes.idm.oclc.org/10.1002/pa.1601
Third Person Angelique
Read Rent Control and Agricultural Price Supports: Case Studies in Government Failure (in Stiglitz and Rosengard, 2015, p. 211). What are the four (4) major reasons for government failure? Briefly explain each.
The four reasons for government failure are:
1. Limited Information – Often, the government cannot predict the consequences of its actions. Limited information or research on how the public will interact with a new policy can create failures (Stiglitz & Rosengard, 2015).
2. Limited Control over Private Market Responses – This refers not to foresee or to control private industries’ reactions to new government policies; having no control over the supply, quality, or price of a good after a policy change can result in its failures of procedural purpose (Stiglitz & Rosengard, 2015).
3. Limited Control over Bureaucracy – While state and local legislation design policies, it is up to individual agencies to implement and draft crucial detailed regulations. While Congress may know how a policy is supposed to be implemented, the daily implementation cannot be controlled by those who introduce the legislation. Often, the intention is lost in translation (Stiglitz & Rosengard, 2015).
4. Limitations imposed by Political Processes – Even when a policy is perfectly implemented and carefully researched, there is still the matter of procedure. Often, policies go through several steps to be enacted and then executed. These procedures can take much time, and if the problem is immediate, this can often exacerbate the issue or bypass the solution altogether (Stiglitz & Rosengard, 2015).
Which of the four (4) apply to explain the excess demand created by the imposition of rent controls on New York City apartments after World War II?
The excess demand for NYC apartments was limited information and limited control over the private market response. The NYC government did not anticipate that private owners would remove their properties from the market, nor could they control the quality that landlords kept their apartments despite additional policies to handle quality (Stiglitz & Rosengard, 2015).
Explain both what “excess demand” and “rent controls” are.
Excess demand is when the market for a good far exceeds the supply due to overpricing or limited supply. Rent controls are the imposition of a price set on a rentable apartment that does not increase over the years. The apartment can be passed down and can remain at that rental price no matter the change in the market (Stiglitz & Rosengard, 2015).

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