Vernon Smith and Steve Gjerstad on Housing and the Never-Ending Recession


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"All [economic] recoveries are associated with recoveries in housing…except for the Great Recession, this last one," says behavioral economist and Nobel Prize winner Vernon Smith.

Smith and colleague Steve Gjerstad spoke at Reason Weekend, the annual donor event held by Reason Foundation (the nonprofit that publishes this website). They argue that the recession is far from over and that the lingering effects of the collapsed housing market will be felt for years to come. 

Approximately 35 minutes. Filmed by Alex Manning and Meredith Bragg. Edited by Zach Weissmueller.

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