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I’m still waiting

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Steve X May 25 2021 at 5:42pm Zoning reform should be given great importance by Libertarians and Classical Liberals. Ed Glaeser’s work calculating the cost of zoning is great. It’s been replicted in many places as well. In the 1970s the government regulated the price of flights, transport costs and so much more. One of the last areas where the government has similar control is zoning. Albeit with local government. It’ll be really good when Bryan Caplan’s book about it comes out. If supply were more elastic it’s unlikely the housing price rise would be so bad. Indeed, it’d be interesting to check what the house price rise is in the American Southwest where there

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Steve X
May 25 2021 at 5:42pm

Zoning reform should be given great importance by Libertarians and Classical Liberals. Ed Glaeser’s work calculating the cost of zoning is great. It’s been replicted in many places as well.

In the 1970s the government regulated the price of flights, transport costs and so much more. One of the last areas where the government has similar control is zoning. Albeit with local government.

It’ll be really good when Bryan Caplan’s book about it comes out.

If supply were more elastic it’s unlikely the housing price rise would be so bad. Indeed, it’d be interesting to check what the house price rise is in the American Southwest where there is a lot of supply and fairly loose zoning compared to on the coasts.

Mind you, higher interest rates combined with the increase in remote work could lead to a drop in prices at some point.

Japan is, again the land of the future. Japanese house prices rose and rose. And then they didn’t at all for, what, 30 years? Mind you, Japan doesn’t have immigration to keep the population rising, as notably Canada and Australia do.

Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment". In May 2012, Chicago Fed President Charles L. Evans became the first sitting member of the Federal Open Market Committee (FOMC) to endorse the idea.

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