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Scott Sumner vs. the Less-than-Thoughtful Austrian Hordes

Ricochet s Money  Politics Podcast with Jim Pethokoukis Scott Sumner  Ricochet com 1

Scott Sumner:

TheMoneyIllusion » Are you a central planner?: So I see that the usual suspects are accusing me of being a “central planner” because I have the audacity to offer an opinion on whether the Chinese are building too many houses.  Of course by that logic anyone who offers an opinion on whether the Chinese (or Americans) are building too many houses is a central planner.  And that means that all those who now think the Chinese are building too many houses, or who believed (in 2005) the Americans were building too many houses, are central planners.  After all, only the market can know whether too many houses are being built…. I’m not sure what school of thought all these omniscient commenters belong to, but they talk a lot about Hayek, Rothbard, and von Mises.

I am currently in Shanghai, a city that seems at first glance to have far too little housing for its 23 million residents, and which is absorbing over 600,000 new migrants every single year. OK all you experts who claim to know exactly how many houses China should build; answer the much simpler question of how many houses the city of Shanghai should be building each year. There’s also the issue of what type of houses should be built in China. The market is currently trying to build houses for the rich…