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2min chapter
Back To The Future - Tyler Cowen
The Joe Walker Podcast
The Great Stagnation and House Prices
Tyler: If median incomes aren't growing then the only way to consume more is through debt and capital gains as you write in your book The Great Stagnation. And I think I can pinpoint the earliest moment at which the Australian political class had kind of cottoned on to this realisation. In that very same year 2003 house prices in Australia increased by 20%. So you've had a trade deficit basically every year. Your country was way undervalued 25 years ago. Maybe it's still way undervalued. You have tremendous fundamentals. I mean, I don't pretend to predict the future but what's not to like?
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