Not enough bricks: monetary misperceptions and the UK housing boom

This article analyzes the housing boom witnessed in the UK economy from 1994-2007 in light of the Austrian theory of the business cycle (ABC). Ludwig von Mises's parable of the "bricks" is utilized to provide empirical grounding for the theory, and the television series "Property...

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Bibliographic Details
Published inQuarterly journal of Austrian economics Vol. 17; no. 1; p. 19
Main Author Evans, Anthony J
Format Journal Article
LanguageEnglish
Published Auburn Ludwig von Mises Institute 01.04.2014
Subjects
Aggregates
Analysis
Building materials
Business cycles
Dwellings
Economic conditions
Economic crisis
Economic theory
Entrepreneurs
Entrepreneurship
Houses
Housing
Housing developments
Housing prices
Narratives
Recessions
Studies
Television programs
United Kingdom > UK
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Summary:This article analyzes the housing boom witnessed in the UK economy from 1994-2007 in light of the Austrian theory of the business cycle (ABC). Ludwig von Mises's parable of the "bricks" is utilized to provide empirical grounding for the theory, and the television series "Property Ladder" is used to illustrate the key aspects of the Austrian narrative. In particular attention is drawn to the role of marginal borrowers, regeneration projects, and forced savings.
ISSN:1098-3708
1936-4806