When did a house become an investment? 40% price crash has happened before!

The Resource Management Act was passed in 1993.

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Source: Elizabeth Kendall, New Zealand house prices: a historical perspective, RESERVE BANK OF NEW ZEALAND / BULLETIN, VOL. 79, NO. 1, JANUARY 2016.

Note that there is considerable regional variation in housing prices in New Zealand.

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Source: Property Prices in New Zealand | New Zealand Real Estate Prices.

The Myth of Neoliberalism

Colin Talbot

Neoliberalism is a myth. It’s a pervasive myth on one side of politics – the left. But it is nevertheless a myth.

Let’s start with one simple and obvious fact – no-one claims to be a neoliberal.

This is rather odd.

Of course, in politics, people often accuse other people or parties of holding views they think are repugnant. Nazi, socialist, racist, liberal, Stalinist, are all terms of abuse hurled at opponents.

They are often wrong, but oddly there is almost always someone who is happy to claim the label. There are parties and groups happy to adopt each of the labels mentioned.

But oddly, no-one calls themselves a neoliberal. Only critics of this supposed doctrine use this label. Why?

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Is Bryce Bruce right on #Corbyn? @Child_PovertyNZ #ToriesforCorbyn

The main difference between non-voters and voters in the UK is non-voters do not like paying taxes.

Truth on the Market on Coase

Truth on the Market

Not surprisingly, we’ve discussed Coase quite a bit here at Truth on the Market. Follow this link to see our collected thoughts on Coase over the years.

Probably my favorite, and certainly most frequently quoted, of Coase’s many wise words is this:

One important result of this preoccupation with the monopoly problem is that if an economist finds something—a business practice of one sort or other—that he does not understand, he looks for a monopoly explanation. And as in this field we are very ignorant, the number of ununderstandable practices tends to be rather large, and the reliance on a monopoly explanation, frequent.

Of course this, a more generalized statement of the above from The Problem of Social Cost, is the essence of his work:

All solutions have costs, and there is no reason to suppose that governmental regulation is called for simply because the problem is not well handled by…

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Australia Is Drifting So Fast GPS Can’t Keep Up

Snapzu Places

Australia Is Drifting So Fast GPS Can't Keep Up

Australia is not quite where you think it is. The continent has shifted by 4.9 feet since the last adjustment was made to GPS coordinates in 1994, reports the New York Times. All of the Earth?s continents float on tectonic plates, which glide slowly over a plastic-like layer of the upper mantle. And the plate that Australia sits on has been moving relatively fast, about 2.7 inches a year (northward and with a slight clockwise rotation). In contrast, the North American plate has been moving roughly one inch a year, though the Pacific plate moves three to four inches a year.

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Climateers Tilting at Windmills Updated

Science Matters

Update Sept. 24

Don Quixote ( “don key-ho-tee” ) in Cervantes’ famous novel charged at some windmills claiming they were enemies, and is celebrated in the English language by two idioms:

Tilting at Windmills–meaning attacking imaginary enemies, and

Quixotic (“quick-sottic”)–meaning striving for visionary ideals.

It is clear that climateers are similary engaged in some kind of heroic quest, like modern-day Don Quixotes. The only differences: They imagine a trace gas in the air is the enemy, and that windmills are our saviors.

A previous post (at the end) addresses the unreality of the campaign to abandon fossil fuels in the face of the world’s demand for that energy.  Now we have a startling assessment of the imaginary benefits of using windmills to power electrical grids.  This conclusion comes from Gail Tverberg, a seasoned analyst of economic effects from resource limits, especially energy.  Her blog is called Finite World, indicating her viewpoint.  So her…

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