Sunday, August 2, 2009
An argument against house price bubbles
"If one person's asset rises in value, he or she is, on paper, richer. But if the price of every asset rises simultaneously it is not mass enrichment, it is inflation." Closing paragraph: "It will be a sign of Britain's healthy emergence from recession when, instead of celebrating price rises, we measure success by how many new homes are built and how affordable they have become."