Home economics: 'Ownership is everything'
Housing policy is always political, but it has created a deeply politicised group of people in the have-nots. These people are typically younger and poorer. They are sometimes called ‘millennials’, but I like to think of them as people who are nearly 40
Economists don’t know much, but they know how to create shortages. It’s easy – you just make a rule that the thing you want to have less of is priced above some arbitrary threshold. Or better yet, create a ‘process’. This process can be as opaque as you like - in fact, the more opaque the better. As long as it creates enough friction between the person who might want to buy something and the...
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