Word: market
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Dates: during 1980-1989
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ANOTHER disclaimer is in order here. I don't believe that simply scrapping rent control would solve the housing crisis. Free-marketeers don't recognize that the people who get left out of the housing market face a fate worse than those who bid too low in the Ec 10 carrot market. They end up sleeping on grates...
...least one respect, the Reaganites are correct: the market distortions induced by rent control hurt almost everyone--especially the disadvantaged that liberals ought to be protecting...
...argument might be counterintuitive, but anyone who has survived week one of Ec 10 knows the essential logic behind it. When government intervenes in a market and establishes a ceiling price below the market price, there are some winners and some losers...
Moreover, when only part of the housing market is rent-controlled, the costs of the system are pushed onto tenants of unregulated apartments, who must pay all the more to compete in the market for an artificially scarce good...
Traders said the stock market benefited fromthe experience gained in the 1987 crash. The NewYork Stock Exchange managed to handle the heavytrading volume because of a big investment intechnology made after the crash...