Here’s a thought provoking piece on Steve Keen’s Debtwatch. (The comments on accounting which arise out of it are also eye-openers.)
Whilst the hope of the side is heterodox economists and honest accounting principles, I believe the excesses of finance, insurance and real estate (the FIRE sector) will only be brought to heel once we consider the effect the extent of taxation and private debt has on effective demand, and we come to understand that the financing of land price is in itself unethical (i.e. the private capitalization of public rent) – particularly during land price bubbles.
2 thoughts on “GETTING TO THE NUB”
Hi Bryan, I’d like to see your 100 year land price to gdp data pinned against steve’s debt-gdp data. The positive correlation between the two will be very high.