Date of Submission
Academic Programs and Concentrations
Division of Social Studies; Economics
Project Advisor 1
L. Randall Wray
The 2008 crash seemingly came as a shock to many, but some did predict it. Those that saw it coming highlighted the role of land speculation and real estate integrating those factors with time preferences and capital theory. This paper investigates the Austrian Business Cycle theory, Henry George’s Land Speculation theory, and the modern Geo-economics theory of land and business cycles. It then looks at a Georgist-Austrian synthesis of their business cycle and the historical evidence that supports it. I propose that business cycle theories must take into account the role of land and real estate within the cycle, and that real estate acts as an accurate predictor of oncoming recessions.
Open Access Agreement
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
Dow, Bailey, "Housing and the Business Cycle: Insights from the Georgist-Austrian Synthesis" (2018). Senior Projects Spring 2018. 72.