IDEAS home Printed from https://ideas.repec.org/a/bla/ajecsc/v82y2023i2p151-161.html

Rent control according to Seinfeld

Author

Listed:
  • Shane Sanders
  • Andrew Luccasen
  • Abhinav Alakshendra

Abstract

More than 30 years after its premiere, Seinfeld continues its run as a seminally popular television show. On October 1, 2021, five‐year streaming rights to the show were purchased by Netflix for $500 million. Set in New York City, where rent control laws have a long history, several episodes of the show consider the trials of apartment living, including shortages, tastes for discrimination by sellers, bribery, search costs, and quality degradation. Seinfeld also illustrates the informal process through which rent‐controlled apartments are advertised (e.g., less advertising under rent control shortage). This paper argues that popular media can be used as an effective pedagogical tool in learning. This paper analyzes four episodes of Seinfeld to help students identify and differentiate the very real costs of rent control. The paper also guides students to appreciate the difficulty in crafting a policy that is free of unintended consequences.

Suggested Citation

  • Shane Sanders & Andrew Luccasen & Abhinav Alakshendra, 2023. "Rent control according to Seinfeld," American Journal of Economics and Sociology, Wiley Blackwell, vol. 82(2), pages 151-161, March.
    • Handle: RePEc:bla:ajecsc:v:82:y:2023:i:2:p:151-161
    DOI: 10.1111/ajes.12501
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/ajes.12501
    Download Restriction: no
    File URL: https://libkey.io/10.1111/ajes.12501?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Weber, David, 1975. "Optimal Advertising: A Note," American Economic Review, American Economic Association, vol. 65(4), pages 759-761, September.
    2. Chang Yang-Ming & Sanders Shane D., 2010. "The Welfare Implications of Rent Control: A Rent-Seeking Contest Approach," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-20, October.
    3. Edward L. Glaeser & Erzo F. P. Luttmer, 2003. "The Misallocation of Housing Under Rent Control," American Economic Review, American Economic Association, vol. 93(4), pages 1027-1046, September.
    4. Joseph J. Sabia & Richard V. Burkhauser, 2010. "Minimum Wages and Poverty: Will a $9.50 Federal Minimum Wage Really Help the Working Poor?," Southern Economic Journal, John Wiley & Sons, vol. 76(3), pages 592-623, January.
    5. David Colander & Sieuwerd Gaastra & Casey Rothschild, 2010. "Targeted Teaching: The Welfare Costs of Market Restrictions," Southern Economic Journal, John Wiley & Sons, vol. 77(1), pages 213-223, July.
    6. Moon, Choon-Geol & Stotsky, Janet G, 1993. "The Effect of Rent Control on Housing Quality Change: A Longitudinal Analysis," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1114-1148, December.
    7. repec:bla:scandj:v:87:y:1985:i:3:p:500-520 is not listed on IDEAS
    8. David Colander & Sieuwerd Gaastra & Casey Rothschild, 2010. "Targeted Teaching: The Welfare Costs of Market Restrictions," Southern Economic Journal, Southern Economic Association, vol. 77(1), pages 213-223, July.
    9. Avinash Dixit, 2012. "An Option Value Problem From Seinfeld," Economic Inquiry, Western Economic Association International, vol. 50(2), pages 563-565, April.
    10. Becker, William E & Watts, Michael, 1995. "Teaching Tools: Teaching Methods in Undergraduate Economics," Economic Inquiry, Western Economic Association International, vol. 33(4), pages 692-700, October.
    11. Robert L. Sexton, 2006. "Using Short Movie and Television Clips in the Economics Principles Class," The Journal of Economic Education, Taylor & Francis Journals, vol. 37(4), pages 406-417, October.
    12. Don Leet & Scott Houser, 2003. "Economics Goes to Hollywood: Using Classic Films and Documentaries to Create an Undergraduate Economics Course," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(4), pages 326-332, December.
    13. David Colander & Sieuwerd Gaastra & Casey Rothschild, 2010. "Targeting Teaching: The Welfare Costs of Market Restrictions," Southern Economic Journal, John Wiley & Sons, vol. 77(1), pages 213-223, July.
    14. Joseph J. Sabia & Richard V. Burkhauser, 2010. "Minimum Wages and Poverty: Will a $9.50 Federal Minimum Wage Really Help the Working Poor?," Southern Economic Journal, John Wiley & Sons, vol. 76(3), pages 592-623, January.
    15. Joseph J. Sabia & Richard V. Burkhauser, 2010. "Minimum Wages and Poverty: Will a $9.50 Federal Minimum Wage Really Help the Working Poor?," Southern Economic Journal, Southern Economic Association, vol. 76(3), pages 592-623, January.
    16. A. Michael Spence, 1975. "Monopoly, Quality, and Regulation," Bell Journal of Economics, The RAND Corporation, vol. 6(2), pages 417-429, Autumn.
    17. Becker, William E, 1998. "Engaging Students in Quantitative Analysis with Short Case Examples from the Academic and Popular Press," American Economic Review, American Economic Association, vol. 88(2), pages 480-486, May.
    18. Weisman Dennis L. & Sanders Shane D. & Moundigbaye Mantobaye, 2012. "An Instructional Exercise in Price Controls: Product Quality, Misallocation, and Public Policy," Journal of Industrial Organization Education, De Gruyter, vol. 6(1), pages 1-21, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Weisman Dennis L. & Sanders Shane D. & Moundigbaye Mantobaye, 2012. "An Instructional Exercise in Price Controls: Product Quality, Misallocation, and Public Policy," Journal of Industrial Organization Education, De Gruyter, vol. 6(1), pages 1-21, December.
    2. repec:ejw:journl:v:6:y:2009:i:1:p:73-112 is not listed on IDEAS
    3. Chen, Ruoyu & Jiang, Hanchen & Quintero, Luis E., 2023. "Measuring the value of rent stabilization and understanding its implications for racial inequality: Evidence from New York City," Regional Science and Urban Economics, Elsevier, vol. 103(C).
    4. Rebecca Diamond & Tim McQuade & Franklin Qian, 2019. "The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco," American Economic Review, American Economic Association, vol. 109(9), pages 3365-3394, September.
    5. Joan Monràs & José Garcia Montalvo, 2021. "The effect of second generation rent controls: New evidence from Catalonia," Economics Working Papers 1836, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2022.
    6. Van Ommeren, Jos & Koopman, Marnix, 2011. "Public housing and the value of apartment quality to households," Regional Science and Urban Economics, Elsevier, vol. 41(3), pages 207-213, May.
    7. Dalton, John T. & Logan, Andrew J., 2022. "The Man Who Discovered Capitalism: A documentary on Schumpeter for use in the classroom," International Review of Economics Education, Elsevier, vol. 41(C).
    8. Gandhi, Sahil & Green, Richard K. & Patranabis, Shaonlee, 2022. "Insecure property rights and the housing market: Explaining India’s housing vacancy paradox," Journal of Urban Economics, Elsevier, vol. 131(C).
    9. G. Dirk Mateer & Linda S. Ghent & Misty Stone, 2011. "TV for Economics," The Journal of Economic Education, Taylor & Francis Journals, vol. 42(2), pages 207-207, June.
    10. repec:jpe:journl:705 is not listed on IDEAS
    11. Zheng, Diehang & Deng, Yongheng & Gordon, Peter & Dale-Johnson, David, 2007. "An examination of the impact of rent control on mobile home prices in California," Journal of Housing Economics, Elsevier, vol. 16(2), pages 209-242, June.
    12. David Neumark & Maysen Yen, 2023. "The employment and redistributive effects of reducing or eliminating minimum wage tip credits," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 42(4), pages 1092-1116, September.
    13. Kevin Pineda‐Hernández & François Rycx & Mélanie Volral, 2022. "How collective bargaining shapes poverty: New evidence for developed countries," British Journal of Industrial Relations, London School of Economics, vol. 60(4), pages 895-928, December.
    14. Abdullah Al‐Bahrani & Darshak Patel, 2015. "Using ESPN 30 for 30 to teach economics," Southern Economic Journal, John Wiley & Sons, vol. 81(3), pages 829-842, January.
    15. Mense, Andreas & Michelsen, Claus & Kholodilin, Konstantin A., 2023. "Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention," Journal of Urban Economics, Elsevier, vol. 134(C).
    16. Bulow, Jeremy & Klemperer, Paul, 2009. "Price Controls and Consumer Surplus," CEPR Discussion Papers 7412, C.E.P.R. Discussion Papers.
    17. John T. Dalton & Andrew J. Logan, 2020. "Using the movie Joy to teach innovation and entrepreneurship," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(3-4), pages 287-296, August.
    18. Birdi, Alvin & Cook, Steve & Elliott, Caroline & Lait, Ashley & Mehari, Tesfa & Wood, Max, 2023. "A critical review of recent economics pedagogy literature, 2020–2021," International Review of Economics Education, Elsevier, vol. 43(C).
    19. Richard V. Burkhauser & Drew McNichols & Joseph J. Sabia, 2023. "Minimum Wages and Poverty: New Evidence from Dynamic Difference-in-Differences Estimates," NBER Working Papers 31182, National Bureau of Economic Research, Inc.
    20. repec:jpe:journl:1397 is not listed on IDEAS
    21. Fleck, Robert K., 2014. "Can prohibitions on “price gouging” reduce deadweight losses?," International Review of Law and Economics, Elsevier, vol. 37(C), pages 100-107.
    22. Sims David P, 2011. "Rent Control Rationing and Community Composition: Evidence from Massachusetts," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-30, May.
    23. Seltzer, Lee, 2024. "Effects of financing constraints on maintenance investments in rent-stabilized apartments," Journal of Financial Intermediation, Elsevier, vol. 59(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ajecsc:v:82:y:2023:i:2:p:151-161. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0002-9246 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.