The Role of Housing Bubbles in Australian Productivity

National housing bubbles are a creature of the post-war era, really from the 1960s onwards. I wonder whether it's mere coincidence that that period has overlapped with secular stagnation and whether there might be some causality in either direction. You worry too when there's not only money that smarts going into that, where you see too many bright people going into housing speculation rather than startups. Or construction. Well, you do want to make sure that you've got a housing stock which is facilitating the productivity which comes out of cities. Ed Glazers research would suggest that that's mostly causal.