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The Great Depression?

Geoff Riley

11th July 2008

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Telegraph readers will be choking over their breakfast this morning if they catch sight of this article in the business section

“Britain is now in the midst of the worst housing slide since the Great Depression, economists declared after house price inflation dropped to the lowest level since comparable records began .........House prices have never fallen by more than 10pc over a year in recorded history, except in 1931, when Britain left the gold standard.”

Charles Goodhart is quoted in the article .... does Goodhart’s Law still have any resonance? I remember being taught it when I was a student and money supply targeting was all the rage!

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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