Not employment or inflation as argued during the Great Depression and years of Reaganomics, the mechanism that drives the business cycle is proven to be the housing and property market in this analysis of the instability of financial markets. The consequences of how neoclassical economics ignores the importance of land are presented in a discussion of the dot-com crash. Agricultural, industrial, and commercial property and the housing market are examined to suggest that policymakers must revise their treatment of land in economic decisions to avoid the next economic crash, predicted for 2010.
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Book Description
Editorial Reviews
Review
"Harrison's book is a formidable challenge to the apologists of the status quo." —American Journal of Economics and Sociology
"Fascinating insights into cycles, property and rents." —Institute of Economic Affairs
"A case for the existence of an 18-year business cycle...link[ed] to speculation in the property market." —Financial Times
"For anyone seeking to understand the vagaries of the housing market, this is a fascinating read." —Sunday Telegraph
"The essence of [the] argument is that the majority of current property prices reflect land value rather than building costs." —Professional Investor
"There are some fascinating insights into cycles, property and rents." —John Calverley, chief economist, American Express Bank
"As the frantic property market of last spring slumps into its current nervous state with falling prices, is it by chance that this crystal ball-gazing—so far—seems to be uncannily accurate, or does Harrison really know something we don't?" —The Mail on Sunday
"Harrison never wavered from his prediction that the housing boom would end in a spell of mania in 2007, followed by bust in 2008." —The Independent
About the Author
Fred Harrison is the research director of the Land Research Trust. He is a former consultant to the Russian parliament on land and tax policies. He is a former chief reporter for the Sunday People and the author of The Corruption of Economics, Land and Taxation, and The Power in the Land.
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