Robert J. Shiller is ranked among the 100 most influential economists of the world and together with Eugene Fama and Lars Peter Hansen, received the 2013 Nobel Prize in Economics, “for their empirical analysis of asset prices”.
When interviewed at the Nobel dinner about house prices in Stockholm (which are as insane as Londons) had this to say. While he attempts to avoid answering the subject it seems he can’t help but predict a global housing bubble which would benefit generation rent.
So whilst George Osbourne ( a graduate in modern history) is telling us there is no bubble, a Nobel Economics prize winner is telling us it’s inevitable. Who would you choose to believe?