The American Dream

by Elaine Schwartz    •    Oct 4, 2009    •    305 Views

The precipitous current dip in housing is so explicit in the graphs at:

http://www.calculatedriskblog.com/2009/10/impact-of-declining-homeownership-rate.html

Translating the lines into people and numbers brings to mind John Maynard Keynes. As much as Keynesians believe that the stimulus will take us out of the recession and reverse these dips, they have not cited empirical research on such fiscal policy. According to Columbia economics professor, Ricardo Reis (stated during an Econtalk discussion with Russ Roberts), there is almost no research that proves the Keynesian position.

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