CFA经济学场运行课件.ppt
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- CFA 经济学 运行 课件
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1、Markets in ActionAfter studying this chapter you will be able toExplain how housing markets work and how price ceilings create housing shortages and inefficiencyExplain how labor markets work and how minimum wage laws create unemployment and inefficiencyExplain the effects of a taxExplain why farm p
2、rices and revenues fluctuate and how production subsidies and quotas influence farm production,costs,and pricesExplain how markets for illegal goods workTurbulent TimesAs more people compete for scarce land,house prices and rents rise.As new technologies replace low-skilled labor,the demand for low-
3、skilled workers falls.Can governments control prices and wages?How do taxes affect prices and quantities,and who pays the tax:the buyer or the seller?How are farm prices and incomes affected by fluctuations in harvests?What happens in a market when trading a good is illegal?Housing Markets and Rent
4、CeilingsThe 1906 earthquake in San Francisco left 200,000 peoplemore than half the cityhomeless.By the time the San Francisco Chronicle started publishing again,a month after the earthquake,there was not a single mention of a housing shortage.The classified advertisements listed many more houses and
5、 flats for rent than the advertisements for houses and flats wanted.How did the market achieve this outcome?Housing Markets and Rent CeilingsThe Market Response to a Decrease in SupplyFigure 1 shows the San Francisco housing market before the earthquake.The quantity of housing was 100,000 units and
6、the rent was$16 a month at the intersection of the curves D and SS.Housing Markets and Rent CeilingsThe earthquake decreased the supply of housing and the supply curve shifted leftward to SSA.The rent increased to$20 a month and the quantity decreased to 72,000 units.Housing Markets and Rent Ceiling
7、sThe long-run supply of housing is perfectly elastic at$16 a month.With the rent above$16 a month,new houses and apartments are built.Long-Run AdjustmentHousing Markets and Rent CeilingsThe building program increases supply and the supply curve shifts rightward.The quantity of housing increases and
8、the rent falls to the pre-earthquake levels(other things remaining the same).Housing Markets and Rent CeilingsA price ceilingis a regulation that makes it illegal to charge a price higher than a specified level.When a price ceiling is applied to a housing market it is called a rent ceiling.If the re
9、nt ceiling is set above the equilibrium rent,it has no effect.The market works as if there were no ceiling.But if the rent ceiling is set below the equilibrium rent,it has powerful effects.A Regulated Housing MarketHousing Markets and Rent CeilingsFigure 2 shows the effects of a rent ceiling that is
10、 set below the equilibrium rent.The equilibrium rent is$20 a month.A rent ceiling is set at$16 a month.So the equilibrium rent is in the illegal region.Housing Markets and Rent CeilingsAt the rent ceiling,the quantity of housing demanded exceeds the quantity supplied and there is a housing shortage.
11、Housing Markets and Rent CeilingsWith a housing shortage,people are willing to pay$24 a month.Because the legal price cannot eliminate the shortage,other mechanisms operate:?Search activity?Black marketsHousing Markets and Rent CeilingsSearch ActivityThe time spent looking for someone with whom to d
12、o business is called search activity.When a price is regulated and there is a shortage,search activity increases.Search activity is costly and the opportunity cost of housing equals its rent(regulated)plus the opportunity cost of the search activity(unregulated).Because the quantity of housing is le
13、ss than the quantity in an unregulated market,the opportunity cost of housing exceeds the unregulated rent.Housing Markets and Rent CeilingsBlack MarketsA black market is an illegal market that operates alongside a legal market in which a price ceiling or other restriction has been imposed.A shortag
14、e of housing creates a black market in housing.Illegal arrangements are made between renters and landlords at rents above the rent ceilingand generally above what the rent would have been in an unregulated market.Housing Markets and Rent CeilingsInefficiency of Rent CeilingsA rent ceiling leads to a
15、n inefficient use of resources.The quantity of rental housing is less than the efficient quantity,so a deadweight loss arises.Figure 3 illustrates.Housing Markets and Rent CeilingsA rent ceiling decreases the quantity of rental housing.People use resources in search activity,which decreases producer
16、 surplus and consumer surplus.And a deadweight loss arises.Housing Markets and Rent CeilingsAre Rent Ceilings Fair?According to the fair rules view,a rent ceiling is unfair because it blocks voluntary exchange.According to the fair results view,a rent ceiling is unfair because it does not generally
17、benefit the poor.A rent ceiling decreases the quantity of housing and allocates the scarce housing using:?Lotteries?Queues?DiscriminationHousing Markets and Rent CeilingsA lottery gives scarce housing to the lucky.A queue gives scarce housing to those who have the greatest foresight and get their na
18、mes on the list first.Discrimination gives scarce housing to friends,family members,or those of the selected race or sex.None of these methods leads to a fair outcome.Housing Markets and Rent CeilingsRent Ceilings in PracticeNew York,San Francisco,London,Paris,and Boston have or have had rent ceilin
19、gs.Atlanta,Baltimore,Chicago,Dallas,Philadelphia,Phoenix,and Seattle have never had them.Comparing cities with and without rent ceilings,we learn:1.Rent ceilings definitely create a housing shortage.2.Rent ceilings lower rents for the lucky few and raise them for everyone else.Winners are long-stand
20、ing residents.Losers are mobile newcomers.The Labor Market and Minimum WageNew labor-saving technologies become available every year,which mainly replace low-skilled labor.Does the persistent decrease in the demand for low-skilled labor depress the wage rates of these workers?The immediate effect of
21、 these technological advances is a decrease in the demand for low-skilled labor,a fall in the wage rate,and a decrease in the quantity of labor supplied.Figure4 on the next slide illustrates this immediate effect.The Labor Market and Minimum WageA decrease in the demand for low-skilled labor is show
22、n by a leftward shift of the demand curve.A new labor market equilibrium arises at a lower wage rate and a smaller quantity of labor employed.The Labor Market and Minimum WageIn the long run,people get trained to do higher-skilled jobs.The supply of low-skilled labor decreases and the short-run supp
23、ly curve shifts leftward.If long-run supply is perfectly elastic,the equilibrium wage rate returns to its initial level(other things remaining the same).The Labor Market and Minimum WageA Minimum WageA price floor is a regulation that makes it illegal to trade at a price lower than a specified level
24、.When a price floor is applied to labor markets,it is called a minimum wage.If the minimum wage is set below the equilibrium wage rate,it has no effect.The market works as if there were no minimum wage.If the minimum wage is set above the equilibrium wage rate,it has powerful effects.The Labor Marke
25、t and Minimum WageIf the minimum wage is set above the equilibrium wage rate,the quantity of labor supplied by workers exceeds the quantity demanded by employers.There is a surplus of labor.Because employers cannot be forced to hire a greater quantity than they wish,the quantity of labor hired at th
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