Sunday 22 October 2017

Looking on the bright side is best way to secure economic recovery

Consumer confidence can help lift the Irish housing market out of the doldrums, says Marc Coleman

LAST week was a fascinating study in how the media can shape expectations and drive reactions. And in how those expectations can turn out to be so totally wrong.

Like the contagion from its financial meltdown, Iceland's eruption was expected to sweep across Ireland like a blanket. By Friday morning, we were told, a blood-red sky -- possibly with horsemen of the apocalypse riding across it -- would loom above our heads. It never happened and Friday was a bright and sunny day.

Last week, Alan Barrett of the Economic and Social Research Institute (ESRI) said that falling prices in our housing market may not be the result of fundamental factors, but the result of a dysfunctional market caused by the very fact that everyone expects the market to fall further.

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