Elasticity of Supply: Do Gun Buybacks Work?

[@MarginalRevolutionUniversity]

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[@riparianlife97701]

There was a buyback in Seattle. Those waiting in line were mobbed by private buyers offering more than the buyback.

[@anonymousanonym450]

based

[@williamcox9611]

MURICA

[@carterbrown9695]

I love to see marginal revolution university posting again

[@robertferrell3095]

Nice video. But I question the premise of the video. I thought the point of buyback programs like Peekskill's was to get unused guns out of houses that don't want them. The market price for almost any pistol that works is well above $200. The Peekskill program won't clear the market of those. Instead, the buy back program provides a market for unwanted guns that are not wanted. The program removes the danger of a gun stored in the back of a closet being used in appropriately. I'm not suggesting the buy back program is or is not effective, nor even is or is not desirable. But it doesn't have anything to do with getting usable guns "off the streets", does it? It's like those "dispose of your old paint cans" days that towns offer. The paint has no value, but if it's dumped down the drain it causes a mess.

[@PeterStinklage]

Yeah, that seems the most realistic effect, but I'm guessing police departments prefer the rhetoric of "keeping guns off the streets," because they rely on a public perception of random "street" violence to make their M.O.s seem more necessary. Treating guns as a public health issue makes other types of public services seem like better funding priorities.

[@Milton_Friedmanite]

That isn’t the point and if you have an example of some local community doing that then I have NO idea why they would do that.

[@RobertRounthwaite]

It would have been nice to have a discussion of how the process would work if you did it at scale across the country, but without changing the laws. I suppose that would not illustrate the economic principle as well, but I think it would be interesting because the problem is in some sense one of collective action.

[@juwright1949]

Excellent! 👍🏻

[@prestonbmx4317]

great video

[@fixedG]

I think that depends on what you mean by "work." Also, not mentioned are the people who, acting rationally and legally, set up shop across the parking lot from the police and offer more than the police's $250 for a handgun or $100 for a shotgun, etc if they believe it's worth it. Also, also not mentioned are the people who sell guns to the police for a price above the market price of those particular guns, with the specific intent of taking that money and using it buy better guns. Great moments in government's unintended consequences. They "work" to give local police photo shoot fodder and local politicians something to crow about though. And what do they care? They're not footing the bill.

[@tuckertota]

But isn’t the program specifically for unregistered (illegal) guns? It’s a different market with different supply and demand.

[@Milton_Friedmanite]

No

[@drustevenson]

As a professor, I usually live MRU videos for my students, but this one is so wrong and uninformed that I'm going to use it in class to teach how economic analysis can go terribly wrong. 😮

[@s98715]

what humanities subject are you a professor of?

[@fwisser1010]

What does category of primary degree have to do with the validity of a persons opinion? Also he is a Googlable person

[@Milton_Friedmanite]

They aren’t wrong, you are just wildly misinformed and most likely a partisan hack.

[@Nathan-ko4ih]

So it’s kind of like India snake bounties that the British put out

[@scottmeeker9971]

Australia did it right.

[@Nathan-ko4ih]

Australia is an island and doesn’t have a cartels or second amendment you wouldn’t wanna give the cartels a New market would you

[@Milton_Friedmanite]

If you believe in taking the majority of guns from people so they can’t really defend themselves, sure.