A large housing bubble preceded the 2008 crisis in the hardest-hit countries (the US, the UK, Ireland, Spain, Portugal, and Italy). As Friedrich Hayek warned back in the 1930s, the consequences of such a process of misplaced investment take time to resolve, owing to the subsequent oversupply of specific capital (in this case, of the housing stock).
但2008年深度衰退的原因要更加具体，解决办法也必须更有目标性。2008年危机前，受影响最大国家出现了大规模房地产泡沫（美国、英国、爱尔兰、西班牙、葡萄牙和意大利）。哈耶克在20实际30年代就警告说，这一投资不当过程的后果需要时间才能消化，因为随后会发生具体资本(在这个案例中是房地产存量)会出现过度供给。