In one of the concurrent sessions of the congress this morning (Thursday 4 October) I gave an address “Land Price Bubbles and Land Value Capture”.
I’ve converted my slideshow to a PDF here.
We’ve seen the following, I concluded: Japan’s 21-year failed attempt to rectify a debt deflation with low interest rates; ‘Helicopter Ben’ Bernanke’s succession of quantative easings in the US produce nil results, and; Europe’s economically doomed-to-fail measures to make the citizens of miscreant nations wear hair shirts. Trying to re-inflate land price bubbles aint the way to get economies moving again.
I suggested valuers’ knowledge of the theory of valuation sets them up to offer the world a quick-exit strategy from global financial collapse.
Although my talk was well received and several people wanted a copy, or to know if it would eventually appear in the Australian Property Journal, I clearly observed two pairs of eyes glaring daggers. They seemed unimpressed with the fairness of land value capture. Personal interests v. society’s maybe?