Boom Bust: House Prices, Banking and the Depression of 2010 [NOOK Book]

Overview

Using the United Kingdom as a case study, this well-researched account shows how, for more than 200 years, a remarkably regular 18-year cycle of boom and bust can be traced to the peaks and troughs in land prices. This exploration reveals how governments, during the upswing of the cycle, are complicit in encouraging a belief that property prices will continue upwards indefinitely because of their skilled management of the economy and attributes the current crises to public policy on both sides of the Atlantic. An...

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

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NOOK Book (eBook - Second Edition, Second edition)
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Overview

Using the United Kingdom as a case study, this well-researched account shows how, for more than 200 years, a remarkably regular 18-year cycle of boom and bust can be traced to the peaks and troughs in land prices. This exploration reveals how governments, during the upswing of the cycle, are complicit in encouraging a belief that property prices will continue upwards indefinitely because of their skilled management of the economy and attributes the current crises to public policy on both sides of the Atlantic. An alternative plan to neutralize the next boom—one that would lead to a more stable and environmentally friendly economy with a more equitable distribution of wealth—is also presented.

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Editorial Reviews

Munich Personal RePEc Archive
In 2005, Harrison published Boom Bust, warning that the property market is subject to a sharp downturn at the end of a regular 18-year cycle. The UK housing market started collapsing in November 2007, followed by the recession Harrison had forecast.
The Independent
Harrison never wavered from his prediction that the housing boom would end in a spell of mania in 2007, followed by bust in 2008.
Economic Affairs
Fascinating insights into cycles, property and rents.
American Journal of Economics and Sociology
Harrison's book is a formidable challenge to the apologists of the status quo.
Financial Times
[Harrison] does make a case for the existence of an 18-year business cycle, which he links to speculation in the property market.
Sunday Telegraph
For anyone seeking to understand the vagaries of the housing market, this is a fascinating read.
Professional Investor
The essence of [the author's] argument is that the majority of current property prices reflect land value rather than building costs.
From the Publisher
"Does Harrison really know something we don’t?"  —The Mail on Sunday

"There are some fascinating insights into cycles, property and rents."  —Economic Affairs

"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

"[Harrison] does make a case for the existence of an 18-year business cycle, which he links 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 its 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

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Product Details

  • ISBN-13: 9780856833120
  • Publisher: Shepheard-Walwyn Publishers, Limited
  • Publication date: 1/1/2010
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition description: Second Edition, Second edition
  • Edition number: 2
  • Pages: 304
  • File size: 928 KB

Meet the Author


Fred Harrison is the research director of the Land Research Trust in London. He is the author of Ricardo’s Law: House Prices & the Great Tax Clawback Scam and Wheels of Fortune: Self-Funding Infrastructure and the Free Market Case for a Land Tax.

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Table of Contents

Pt. I As Safe As Houses?

1 Britain's Housing and the Business Cycle 3

2 Banking on Failure 21

3 The American State of Virtual Reality 38

4 The Incredible Alan Greenspan 54

Pt. II Genesis of the Boom-Bust Cycle

5 Rent and the 18-Year Cycle 73

6 The Patterns of History 100

7 The Alchemy of Land Speculation 119

8 The End of Boom Bust? 135

Pt. III Anatomy of the First Global Cycle

9 The New Economy: Selling an Anglo-American Myth 155

10 Launched in the USA 168

11 Gordon Brown's Magic Mantra 185

Pt. IV The Automatic Stabiliser

12 Counter-Cyclical Action 207

13 Australia: The Pathology of Taxation 226

14 Dividends from Democratised Finance 246

Pt. V The Reckoning

15 2007: From Peak to Downwave 265

Index 274

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