Low interest rates in advanced countries have pushed money into real estate
IMO this is the single biggest malaise in society. “Investing” (speculating) in real estate creates nothing of value to society and instead serves only to artificially drive up the cost of shelter, a basic necessity. It also directs capital away from investing in technology and businesses.<p>Due to the zero-sum nature of real estate, it fundamentally breaks the positive sum theory of capitalism. Adam Smith even called landlord’s right “theft”.