It is really good to read the following article by Greg Ip.
He had left the WSJ to work for the Economist.
As always, his writing is right on the mark. I think this is an article that everyone should read.
This quote provides marvelous insight:
"Supply depends on three things: population, the source of labor; capital, the source of investment; and ideas, the means by which capital and labor are recombined to make new or better products."
America must do everything possible to preserve and idea generation. Unfortunately, Ip notes that far too much of America's wealth is tied-up in housing. I very much concur with this view.
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