Download Boom Bust: House Prices, Banking and the Depression of 2010 by Fred Harrison PDF

By Fred Harrison

Utilizing the uk as a case examine, this well-researched account indicates how, for greater than 2 hundred years, a remarkably average 18-year cycle of growth and bust might be traced to the peaks and troughs in land costs.

This exploration unearths how governments, through the upswing of the cycle, are complicit in encouraging a trust that estate costs will proceed upwards indefinitely due to their expert administration of the economic climate and attributes the present crises to public coverage on either side of the Atlantic.

An alternative plan to neutralize the subsequent boom—one that might bring about a extra sturdy and environmentally pleasant economic climate with a extra equitable distribution of wealth—is additionally presented.

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Additional info for Boom Bust: House Prices, Banking and the Depression of 2010

Sample text

As values rise, so the density of development is intensified. As houses become unaffordable, the incentive to crush more houses onto smaller plots is increased. For most people the occupation of smaller spaces is not a lifestyle choice; it is a survival response to the prospect of becoming homeless. The insights that we have now begun to offer into the dynamics of the capitalist economy – anchored in the land market – do not appear in the curricula in the universities. Students are encouraged by their professors to study the labour and capital markets.

It was misled by the economics of Gordon Brown. The main organ for left-wing opinion is New Statesman. Its cover story on May 24, 2004, boldly declared: ‘Gordon works. Don’t let Tony wreck it’. In disclosing ‘the hidden agenda of the next PM’, the journal took sides in the leadership contest between Brown and the Prime Minister. Brown prefers the dogged work of negotiating debt relief for poor countries … Labour MPs … should now summon up their courage at last, act in the interests of their natural supporters, and politely ask Mr Blair to vacate his position.

House prices lag behind the ups and downs in the land market. For the purpose of analysing the economy, house prices ought to be treated as no more than a proxy for land prices. This means that we must ‘read’ house prices to account for the reality on the ground. The timing of turning points are misleading by about 18 months, if we want to use information on housing as a leading indicator of what to expect from the economy. If we are looking for signs of a downturn, it would not be shrewd to monitor prices in the windows of the local estate agencies.

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