The Catch-22 Of Economics
The reality, I think, is that the economy follows its own Catch-22: by taking prosperity for granted, people perversely subvert prosperity. The more we—business managers, investors, consumers—think that economic growth is guaranteed and that risk and uncertainty are receding, the more we act in ways that raise risk, magnify un-certainty and threaten economic growth. Prosperity destabilizes itself.
The whole article is a worthy read and covers many of the topics I've discussed here.
"The Lock-In Effect of Rising Mortgage Rates"
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Today, in the Calculated Risk Real Estate Newsletter: "The Lock-In Effect
of Rising Mortgage Rates"
A brief excerpt:
Here is new working paper from Feder...
8 hours ago
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