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What is the law of unintended consequences?
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Sep 27, 2019 · Learn how economic decisions may have effects that are unexpected, such as distorting consumer or producer behaviour. See examples of unintended consequences in oil spills, rent control, fiscal policy, and more.
An unintended consequence is that many people die or suffer who would have been able to live or thrive. This consequence, however, has been so well documented that the regulators and legislators now foresee it but accept it. “Basic values” was Merton’s fourth source of unintended consequences.
Apr 7, 2023 · The law of unintended consequences states that the actions taken by economic decision makers with a specific objective in mind can lead to unexpected outcomes. In other words, economic policies used by the government in order to achieve economic objectives may have unexpected outcomes along with the intended ones.
Sep 2, 2015 · Sam Peltzman’s research, culminating in the 1976 paper “Toward a More General Theory of Regulation,” brought an economist’s understanding to the decision-making behind regulatory policy, highlighting the trade-offs and unintended consequences inherent in regulation.
Jan 7, 2023 · The law of unintended consequences refers to the idea that actions or decisions can have unforeseen and unintended consequences, often in ways that are not immediately apparent.
In the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences, more colloquially called knock-on effects) are outcomes of a purposeful action that are not intended or foreseen.
Law of Unintended Consequences. Every action has a predicted consequence — along with side-effects the actor did not dream of ( see wikipedia ). A few examples: Railroads forced the creation of a national time-table. Previously, cities kept their own time.
