For some time now I’ve been a bit worried about the level of celebrity to which our local batch of economists have risen over the last couple of years. My main concern isn’t even that being consistently ‘right’ in economics, as opposed physics for example, seems to be a pretty difficult task. But it is the least contentious.
So here I’ll offer two examples, from two economists from our finest university, who boast a couple of thousand Twitter followers:
“Irish banks have plenty of scope to increase their mortgage lending in a housing market that looks set to remain robust, according to new research. A report by Dr Brian Lucey, a lecturer in finance at Trinity College, says that mortgage lenders will be able to grow their business activity through high-interest loans to people with poor credit records – known as “sub-prime” mortgages – loans for investment properties, 100 per cent finance for first-time buyers and equity release loans.
The report, commissioned by mortgage servicing company Homeloan Management Limited[emphasis mine] (HML), predicts that the favourable economic and demographic factors driving demand for housing will continue.
Dr Lucey said concerns that there may be a housing “bubble” would prove unfounded and that there was little risk of a catastrophic fall in house prices.
This was because growth in house prices in recent years was not out of line with historic trends, he said.” [Banks have ‘scope to grow mortgage sales’, Irish Times, 2/02/06]
“Mr Gurdgiev said the Republic would continue to slip down the ranking unless a drive to deregulate industry is undertaken.
He said industries such as retail, banking, transportation and real estate were all heavily regulated in the State [emphasis mine].” [Irish Times, 26/06/02]
And this from the newspaper that brought you ‘Economics Editor‘, Marc Coleman. In this particular article Coleman’s book…
…is promoted by Minister for Science, Technology and Innovation, Conor Lenihan. The same Conor Lenihan who, at the last minute, backed away from appearing at the book launch of this chap, who thinks evolution is an elaborate hoax.
For a fairer review of Coleman’s book try Dublin Opinion.
On a related note, a recent documentary ‘Inside Job‘ by Charles Ferguson, Chad Beck and Adam Bolt, brings you interviews with the men behind global economic collapse 2008. It’s very good, even if Matt Damon is narrating: