That is why these sequences are so dangerous – they can take in the whole economy. When eventually either excessive debt or stricter policies rein in the market, it is not just property developers who suffer. A wide range of agents can get caught up in the adjustment.
That is why these sequences are so dangerous – they can take in the whole economy. When eventually either excessive debt or stricter policies rein in the market, it is not just property developers who suffer. A wide range of agents can get caught up in the adjustment.
Some economists insist that you cannot say that a market is in a bubble when presumably rational investors say it isn't. But the economy itself can shift investment away from"rational" behavior as long as agents have different risk preferences and realistic time horizons.
Some economists insist that you cannot say that a market is in a bubble when presumably rational investors say it isn't. But the economy itself can shift investment away from"rational" behavior as long as agents have different risk preferences and realistic time horizons.
The Ballroom is his Neuschwanstein.
The Ballroom is his Neuschwanstein.