Steve Keen on the Housing Bubbles in Australia and America

Professor Steve Keen debunks the myth that the population growth supports property prices : the population causes house prices to rise is pretty much saying that rising population is growing more rapidly than we are building dwellings , that mans that the number of people demanding house rises and therefore the house price rises and that got a superficial appeal to it , , when you look at the data you find that the number of people per house in Australia has been dropping from very high levels 3.5 people per house down to 2 people per house ...the Americans were doing the same thing they were building big mansions palaces for the poor and they built these palaces and believed these palaces will rise in price that was the major motivation to doing it and they borrowed money to do it and the borrowed money they took out is what drives the house prices to go up not the population demand , we are repeating the same process ...