What Would Henry George Say?
Still Relevant, Still Poignant
By Alexandra Stevenson and Joy Dong
October 12, 2021
By Marty Rowland
As the land under all these homes is owned by the Chinese national government, just imagine how bad it would be if the financial bubble included those speculative values! This is a big thumbs up for the perspective of circular economy thinking (as opposed to those who worship “growth”). Clearly the apparent growth was hot air. Economists should be asking instead – do you feel secure in your home, are your healthcare needs being met, are your air and water clean, is your water supply secure, are the police not abusive, do you have low-cost/excellent value schools, do you have clean, low-cost, high value transit? That’s how you measure good economics, in my opinion. Investors must take a haircut for chasing pipe dreams. Instead of a Lehman Brothers “moment,” China should consider compensating Chinese homebuyers who may be deceived, just as they would have been deceived had they been in America buying homes in 2007-2008.
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