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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| Published in | Quarterly journal of Austrian economics Vol. 17; no. 1; p. 19 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Auburn
Ludwig von Mises Institute
01.04.2014
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| Subjects | |
| Online Access | Get full text |
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| Abstract | 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. |
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| AbstractList | 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. 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. KEYWORDS: Austrian business cycle theory, housing, housing boom, forced savings, Ricardo effect JEL CLASSIFICATION: B53, E32, R31 |
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| Author | Evans, Anthony J |
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| Copyright | COPYRIGHT 2014 Ludwig von Mises Institute Copyright Ludwig von Mises Institute Spring 2014 |
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| SubjectTerms | 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 |
| Title | Not enough bricks: monetary misperceptions and the UK housing boom |
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