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Kevin Erdmann was right

Summary:
I will turn the microphone over to Scott Sumner: I was just shooting from the hip when I questioned the housing bubble view that was so popular after 2006.  Credit should go to Kevin Erdmann, who produced a mountain of evidence against the bubble hypothesis in two very impressive books on housing.  His view, which was once highly contrarian, has now been completely vindicated.  Indeed, I don’t see how any fair-minded person reading his books could still believe in the housing bubble theory.  Unfortunately, he’ll probably be ignored.  The media tends to focus on academic research from top schools like Harvard, not unaccredited individuals working on their own.  Better to be famous than to be right. Here is the full post, and I am honored to have Kevin as my colleague at Mercatus,

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I will turn the microphone over to Scott Sumner:

I was just shooting from the hip when I questioned the housing bubble view that was so popular after 2006.  Credit should go to Kevin Erdmann, who produced a mountain of evidence against the bubble hypothesis in two very impressive books on housing.  His view, which was once highly contrarian, has now been completely vindicated.  Indeed, I don’t see how any fair-minded person reading his books could still believe in the housing bubble theory.  Unfortunately, he’ll probably be ignored.  The media tends to focus on academic research from top schools like Harvard, not unaccredited individuals working on their own.  Better to be famous than to be right.

Here is the full post, and I am honored to have Kevin as my colleague at Mercatus, including for some of the earlier years of his work on this topic.

The post Kevin Erdmann was right appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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