CFA经济学市场运行

MarketsinActionAfterstudyingthischapteryouwillbeabletoExplainhowhousingmarketsworkandhowpriceceilingscreatehousingshortagesandinefficiencyExplainhowlabormarketsworkandhowminimumwagelawscreateunemploymentandinefficiencyExplaintheeffectsofataxExplainwhyfarmpricesandrevenuesfluctuateandhowproductionsubsidiesandquotasinfluencefarmproduction,costs,andpricesExplainhowmarketsforillegalgoodsworkTurbulentTimesAsmorepeoplecompeteforscarceland,housepricesandrentsrise.Asnewtechnologiesreplacelow-skilledlabor,thedemandforlow-skilledworkersfalls.Cangovernmentscontrolpricesandwages?Howdotaxesaffectpricesandquantities,andwhopaysthetax:thebuyerortheseller?Howarefarmpricesandincomesaffectedbyfluctuationsinharvests?Whathappensinamarketwhentradingagoodisillegal?HousingMarketsandRentCeilingsThe1906earthquakeinSanFranciscoleft200,000people—morethanhalfthecity—homeless.BythetimetheSanFranciscoChroniclestartedpublishingagain,amonthaftertheearthquake,therewasnotasinglementionofahousingshortage.Theclassifiedadvertisementslistedmanymorehousesandflatsforrentthantheadvertisementsforhousesandflatswanted.Howdidthemarketachievethisoutcome?HousingMarketsandRentCeilingsTheMarketResponsetoaDecreaseinSupplyFigure1showstheSanFranciscohousingmarketbeforetheearthquake.Thequantityofhousingwas100,000unitsandtherentwas$16amonthattheintersectionofthecurvesDandSS.HousingMarketsandRentCeilingsTheearthquakedecreasedthesupplyofhousingandthesupplycurveshiftedleftwardtoSSA.Therentincreasedto$20amonthandthequantitydecreasedto72,000units.HousingMarketsandRentCeilingsThelong-runsupplyofhousingisperfectlyelasticat$16amonth.Withtherentabove$16amonth,newhousesandapartmentsarebuilt.Long-RunAdjustmentHousingMarketsandRentCeilingsThebuildingprogramincreasessupplyandthesupplycurveshiftsrightward.Thequantityofhousingincreasesandtherentfallstothepre-earthquakelevels(otherthingsremainingthesame).HousingMarketsandRentCeilingsApriceceilingisaregulationthatmakesitillegaltochargeapricehigherthanaspecifiedlevel.Whenapriceceilingisappliedtoahousingmarketitiscalledarentceiling.Iftherentceilingissetabovetheequilibriumrent,ithasnoeffect.Themarketworksasiftherewerenoceiling.Butiftherentceilingissetbelowtheequilibriumrent,ithaspowerfuleffects.ARegulatedHousingMarketHousingMarketsandRentCeilingsFigure2showstheeffectsofarentceilingthatissetbelowtheequilibriumrent.Theequilibriumrentis$20amonth.Arentceilingissetat$16amonth.Sotheequilibriumrentisintheillegalregion.HousingMarketsandRentCeilingsAttherentceiling,thequantityofhousingdemandedexceedsthequantitysuppliedandthereisahousingshortage.HousingMarketsandRentCeilingsWithahousingshortage,peoplearewillingtopay$24amonth.Becausethelegalpricecannoteliminatetheshortage,othermechanismsoperate:SearchactivityBlackmarketsHousingMarketsandRentCeilingsSearchActivityThetimespentlookingforsomeonewithwhomtodobusinessiscalledsearchactivity.Whenapriceisregulatedandthereisashortage,searchactivityincreases.Searchactivityiscostlyandtheopportunitycostofhousingequalsitsrent(regulated)plustheopportunitycostofthesearchactivity(unregulated).Becausethequantityofhousingislessthanthequantityinanunregulatedmarket,theopportunitycostofhousingexceedstheunregulatedrent.HousingMarketsandRentCeilingsBlackMarketsAblackmarketisanillegalmarketthatoperatesalongsidealegalmarketinwhichapriceceilingorotherrestrictionhasbeenimposed.Ashortageofhousingcreatesablackmarketinhousing.Illegalarrangementsaremadebetweenrentersandlandlordsatrentsabovetherentceiling—andgenerallyabovewhattherentwouldhavebeeninanunregulatedmarket.HousingMarketsandRentCeilingsInefficiencyofRentCeilingsArentceilingleadstoaninefficientuseofresources.Thequantityofrentalhousingislessthantheefficientquantity,soadeadweightlossarises.Figure3illustrates.HousingMarketsandRentCeilingsArentceilingdecreasesthequantityofrentalhousing.Peopleuseresourcesinsearchactivity,whichdecreasesproducersurplusandconsumersurplus.Andadeadweightlossarises.HousingMarketsandRentCeilingsAreRentCeilingsFair?Accordingtothefairrulesview,arentceilingisunfairbecauseitblocksvoluntaryexchange.Accordingtothefairresultsview,arentceilingisunfairbecauseitdoesnotgenerallybenefitthepoor.Arentceilingdecreasesthequantityofhousingandallocatesthescarcehousingusing:LotteriesQueuesDiscriminationHousingMarketsandRentCeilingsAlotterygivesscarcehousingtothelucky.Aqueuegivesscarcehousingtothosewhohavethegreatestforesightandgettheirnamesonthelistfirst.Discriminationgivesscarcehousingtofriends,familymembers,orthoseoftheselectedraceorsex.Noneofthesemethodsleadstoafairoutcome.HousingMarketsandRentCeilingsRentCeilingsinPracticeNewYork,SanFrancisco,London,Paris,andBostonhaveorhavehadrentceilings.Atlanta,Baltimore,Chicago,Dallas,Philadelphia,Phoenix,andSeattlehaveneverhadthem.Comparingcitieswithandwithoutrentceilings,welearn:1.Rentceilingsdefinitelycreateahousingshortage.2.Rentceilingslowerrentsfortheluckyfewandraisethemforeveryoneelse.Winnersarelong-standingresidents.Losersaremobilenewcomers.TheLaborMarketandMinimumWageNewlabor-savingtechnologiesbecomeavailabl