“Did you catch the Catalyst program criticising chiropractors?” my chiro asked me today.
“No, but my wife told me about it. It sounded typical: the mainstream medical profession latching onto something to find fault with the profession as a whole, so I didn’t bother”, I replied. “And of course doctors never make a mistake.”
He laughed. “No, you should take a peep at it, just for interest.”
“You don’t have to convince me of the efficacy of chiropractic”, I said. “After limping about on a bad knee for more than twelve months after an arthroscopy and a number of sessions of physiotherapy failed to help me, chiropractic fixed it up quicksmart.”
“Chiropractors have had to push against the accepted wisdom, just like those of us who criticise mainstream economists for not factoring the property market into their considerations”, I ventured.
As we began to chat about the GFC and the Australian real estate bubble, I was briefly reminded of a talk I delivered to a receptive audience at Melbourne Town Hall with Michael Hudson and Steve Keen.
It’s always pleasant to be in the company of like-minded individuals who challenge the status quo.
As I said, it’s always nice to be with others who are able to think outside the existing (blinkered?) mindset, Magnus.
GDP (Production) = Rent (R) + Wages (W) + I (Interest) should be tattooed on the forehead of both that numbskull Bowen and that neanderthal Hockey. Until these fork-tongued weasels come to understand and act upon this formula, then less of the figurative economic pie will be made available for labour and capital due to an increasing amount of privatized rent that is found of course, not just in land, but multiple private monopolies and so on.
The FIRE sector mouthpieces (much like those land rats you describe as being everywhere) never can explain away high land prices and fail to point out that the logical corollary is less income share for workers.
I do like the work LVRG has done suggesting that government capture of sufficient economic rent is enough replace all other taxes upon labour, capital etc i.e. Putland’s latest work that compliments your earlier stuff.
Your KPI stuff is a cracker too and with the strains starting to show this year, you may well be on the money in the bubble line collapse, particularly as the puff runs out in the property market and the ‘investors’ get bored of flipping to one another.