Bad Economic Policies with Jacob Clifford

The video discusses the concept of perverse incentives, using the Cobra Effect as an example. It highlights five historical policies that backfired due to unintended consequences: the Endangered Species Act, Nixon's price controls, slave redemption in Sudan, Prohibition in the U.S., and China's Great Leap Forward. Each policy is analyzed for its economic and social impacts, demonstrating how well-intentioned actions can lead to negative outcomes.

In what ways did the policies discussed in the text backfire due to unintended consequences?

How did Prohibition in the United States lead to the rise of organized crime?

What were the disastrous effects of China's Great Leap Forward?