Earlier this week, my colleagues at the New Economics Foundation published a fascinating graph comparing the growth of economic inequality in the UK with the rise of average house prices.
They got a proper pasting below the line, as is proper on these occasions - a proper pasting below the line is what we bloggers deserve these days and often get - which came from economists who said that there could be no connection and, finding one, would imply changing the definition of inequality.
The graph is pretty impressive nonetheless, but it shows a six-year time lag between the pattern of inequality and rising house prices. Perhaps that is to be expected - if there is a link.
It so happens that, today, I'm going to Bristol to speak at a rally called Make Billionaires History tonight, and the peculiar link between billionaires and rocketing house prices is exactly my subject. The problem is, as I shall explain, that billionaires create inflation/
So if you want to join in the debate, do come along! If you can't, you can find out all about it in my book Broke.
The Joy of Six 1092
1 day ago