I had posted on this a number of times but just a brief note to say the Irish Society of New Economists event is on today and tomorrow. This year the organising team is from NUI Maynooth, specifically Anita Suurlaht, Lena Golubovskaja and Adele Whelan. They have put together a remarkable programme. Congratulations to them.
7 replies on “ISNE conference”
Property bubbles are difficult to stop,because they have a lot of supporters while they are inflating. Banks are making money from lending;estate agents are making money on property transactions,as are property valuers,and the broadsheet media property advertising revenues soar. Homeowners feel richer because their homes are apparently are worth more.
The Irish Society of Chartered Surveyors are the Irish property professionals and are self regulated. They engaged in three practices which inflated the property bubble:
1. The elementary property valuation error,valuing all 5 euro notes as if they were worth 20 euro.
2. They administered the Irish feudal commercial property lease law on behalf of a cartel.
3. Ninty five per cent of all property sold in the state is sold by agents and surveyors and they decided where the property advertising money was spent. It was spent with the broadsheet media and the Irish Times,the owner of property portal MyHome.ie, got the lion’s share. During the years the bubble inflated,the Irish Times main source of revenue was property advertising, and the surveyors were allowed free rein with their puff pieces and property propaganda. Essentially this company became the largest property market in the state,with a newspaper bolted on.
The third item was the fatal one. The “paper of record” became the “paper of property” and facilitated this propaganda.
‘The Effect of Attendance on Grade for Final Year Economics Students in University College Cork: A Panel-Data Approach’ should be interesting.
In my day, one lecturer not only gave us the exam questions but you could go to his office to get suggestions on what sections of handouts were relevant. I recall one student repeating some of the suggestions: “go to the top of the yellow page…”
No need for any lectures on exams!
On education, it’s interesting at last to find a minister who avoids spin:
Minister says myth of ‘world class’ Irish education, a delusion
A Preliminary Report on the Source of Ireland’s Banking Crisis ” by Klaus Regling and Max Watson-page 6:
“This was a plain vanilla property bubble,compounded by exceptional concentrations of lending to property-and notably commercial property.
Reckless Irish banks lent billions against the feudal leases i.e. upward-only rent reviews tied to long leases,not aganist the properties themselves ,and created the greatest commercial property bubble in the history of mankind. When this bubble burst ,it bankrupted the entire Irish banking sector,which in turn bankrupted the sovereign.
The reason Ireland had these ruinous leases was because the sovereign signed them.
All Haughey’s bagmen are sovereign landlords.
Is there even the SLIGHTEST possibility that people might stay on message? John C we all know your opinion. Ok. Repeating it ad vomitim doesnt help in the slightest.
Well done all on the great programme, and to Liam for his continued support of ISNE as it approaches its 12th birthday.
@ Brian Lucey
Not a chance!
http://www.irishexaminer.com/opinion/columnists/michael-clifford/waters-is-the-man-of-the-hour-well-two-242299.html
Well done! New Economics?_certainly space for it.