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Suroweicki explans why ever-rising housing prices may be deceiving. “If you control for inflation and quality…real home prices barely budged between the eighteen-nineties and the nineteen-nineties. The idea that housing prices have nowhere to go but up is, in other words, a statistical illusion.”
Surowiecki on the differences between Europeans and Americans when it comes to work. “But since more people work in America, and since they work so many more hours, Americans create more wealth. In effect, Americans trade their productivity for more money, while Europeans trade it for more leisure.”
Suroweicki on gas prices and Katrina: “Americans are happy with the free market when it allows them to buy cheap T-shirts and twenty-nine-dollar DVD players, but they tend to like it less when they have to pay fifty dollars to fill up their gas tanks.”
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