Tag Archives: positional goods

‘Tis a fine thing to live in an urban village

I am spending some weeks back in Seddon-Kingsville area of Melbourne housesitting for friends.  (Well, cat-serving really, but house-sitting sounds more dignified; though it is possible it may have included some famous literary cats.) It is very nice to be back in an area where everything is in walking distance. The contrast with having moved […]

Bubble trouble: all information is not equal

This post is partly prompted by this comment and this paper (pdf) (via) on the US housing price bubbles and busts and (greatly) extends this comment by myself. It is also a response to the work of mathematician-turned-historian Andrew Odlyzko. In a previous post, I argued that easy monetary policy was not to blame for the asset booms […]

Bubble trouble: about asset booms and busts

Assets are items that produce income or retain value across time periods. Gold is a pure store-of-value asset, as it produces no income. Bonds are pure income assets, as they have no value apart from the income they produce–they are best thought of as a congealed money stream, their value being set by that money […]

Real Estate and positional goods

Most of our regulars will be familiar with acute commenter Lorenzo’s short essays and book reviews on medieval history and culture, but today I’d like to draw your attention to something else he does: write about urban planning and infrastructure provision. These two pieces (do read them in order, you will get a great deal […]