When he woke up, Michael realised something was wrong, and it was nothing to do with his night at the pub. In fact, he wasn't sure he had woken up. Maybe he was just having a nightmare. When he finally learned what was going on, he wished he was just having a nightmare.

This book is about the thinking and courage to do what needs doing to innovate and build prosperity. It is a book about the benefits of individual freedom. Schools teach children to color, write and print between the lines, observe the rules, wrap their minds in a bubble of disciplines to discourage living out of a community box. Children learn to behave as members of a managed herd, avoiding challenging that which is accepted and established by tradition. In art, however, unusual, deviant, almost outlaw behavior is admired. Artists existing outside the limits of the herd can even improve the herd. American innovators are artists causing prosperity from their thinking, acting, creating and inventive minds changing things for the better. Americans left the Old World limitations behind, where thinking and acting out of the box was discouraged, creating a New World almost 400 years ago. They proved individual freedom and creative elbowroom was the only source of prosperity, which explains American exceptionalism and what this book is all about.

“This book provides an accessible, yet formal framework to understand how housing bubbles arise, their international dimension, their consequences, and ways to prevent them.” Òscar Jordà, University of California, Davis, USA “Basco’s analysis blends, in a very rigorous but enjoyable manner , state-of-the-art theory and historical examples, adding also a very timely and valuable set of policy orientations.” Óscar Arce, Director General, Banco de España, Madrid, Spain Booms and busts of house prices are a recurrent feature throughout history. This book provides a comprehensive overview of the origins and economic consequences of these housing bubbles. The book starts with a formal definition of asset price bubbles and a summary of the most famous episodes, before describing how economists have thought about asset price bubbles; specifically behavioral vs. rational interpretations. These theories are applied to the special case of housing and the same framework is used to explain the implications of financial globalization for capital flows and housing bubbles. After analyzing its origins, the economic consequences of housing bubbles for both households and firms are derived and documented. The final sections are devoted to discussing the effects of financial crises and explain how financial regulation could mitigate the emergence of future housing bubbles. Case studies of the recent housing bubbles in the United States and Spain are also featured in the book. This book will be of value to advanced undergraduate macroeconomic courses, as well as researchers in international economics and macroeconomics and policy makers.

This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.

Surviving the financial fallout John Calverley's new book is about understanding what's going on, how policy impinges on it, what investors can do and what is likely to happen. This extremely topical and timely new book from the well-known economist and Head of Research, Standard Chartered Bank is the first book to examine in depth the financial fallout of 2008 and explore the implications and solutions for individuals, companies and central banks. His previous book, Bubbles and How to Survive Them predicted the current financial situation. He warned vigorously of the danger from the housing bubble and warned that stock prices might take off again and reach vulnerable levels (as indeed occurred in 2006-7.) This essential readable, non-technical guide is essential reading for everyone and particularly for investment professionals everywhere. In this new book - an investor's survival kit - he: * Outlines the crises we now face and reviews how we got here. * Looks closely at the huge housing bubbles in UK and the US, as well as those in Australia, Spain, Japan and Hong Kong. * Explores the anatomy of bubbles and presents a checklist for identifying them. * Tells the story of how the housing bubble led to the current financial crisis and how far prices might fall, focusing on household debt as the value of household assets collapse. * Examines strategies for investors, who must try to avoid bubbles or, more dangerously, seek them out and ride them. * Reveals what will happen next.

Providing a historical appraisal of bubble investments, and blending theory with field observations, this insightful work will benefit academics, researchers and professionals observing the nexus of relationships between speculation, states and markets. The book presents an analysis of the development and decline of investment bubbles and helps develop the models that inform the risk assessment of bubble behaviour. By identifying particular trends and consequences, the book presents insight into the operation of speculative activity and its social, economic and political repercussions.

In a world not unlike our own but filled with enchantment and wonder, there existed a realm known as the Land of Floating Bubbles. It was an enchanting, heartwarming, and magical bubble-filled world where the boundaries of reality blurred, and where unity, serendipity, and the magic of Lumibubbles were woven into the very fabric of existence. In this land, where the sky was filled with shimmering bubbles that danced with the colors of the rainbow, three young friends named Lila, Eli, and Ava embarked on a journey that would forever change their lives. Drawn together by a serendipitous encounter with a Lumibubble, they found themselves transported to an enchanting fantasy adventure, a world of wonder and beauty. Their adventures would take them to breathtaking landscapes and introduce them to enchanting creatures, each with their own heartwarming story and wisdom to share. From the luminous Bubble Grove to the majestic Luminous Bubble Mountains, from the serene Whispering Wind Plains to the mysterious Bubble Forest, their journey would be filled with inspirational lessons of unity and serendipity. As they explored the Land of Floating Bubbles, guided by the Lumibubbles and the heartwarming friendships they formed, they discovered that the true magic of their world lay not only in its extraordinary landscapes but also in the heartwarming themes of friendship and the legacy of an enchanting story. It was a journey that would inspire and captivate all those seeking an inspirational fantasy narrative. Join us as we delve into the heartwarming tale of Lila, Eli, and Ava and their inspirational adventures in the Land of Floating Bubbles—a world where unity, serendipity, and Lumibubbles illuminated the path to friendship, magic, and an enchanting legacy.