News just in — building houses reduces rents

Source: Adam Smith Institute
by Tim Worstall

“One of the glories of the market system — even if here we are talking about across countries — is that different people try different things and thus we get to see the outcome of different actions and policies. The economy is a complex thing, it’s not always obviously possible to work out the final effect from first principles. Actual experimentation is often necessary. So, an interesting result from the United States. Building more apartments lowers the rent of apartments.” (09/11/23)