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均衡本是物理学概念。经济金融的运行变动不羁,尤其是危机时期方向性的拐点变化频繁出现,人们自然开始怀疑均衡是否存在,均衡理论是否合理,其解释力到底有多强?本轮危机始于房地产领域。2007年夏次贷危机爆发后,美国、西班牙等国房地产价格明显下跌,至今仍无根本起色。这意味着即便房价有均衡价格,该均衡价格本身也是一直变化的。那么,房地产的均衡价格是多少?为何危机前后出现如此大的差别?从
Balance is the concept of physics. The unfolding changes in the operation of economy and finance, especially the turning point in the direction of crises during the crisis, have frequently occurred. People naturally begin to wonder whether equilibrium exists. Whether the equilibrium theory is reasonable or not and how strong is its explanatory power? The current round of crisis starts in the field of real estate. After the subprime mortgage crisis hit China in the summer of 2007, the real estate prices in the United States, Spain and other countries dropped notably, and so far there has been no fundamental improvement. This means that the equilibrium price itself has been changing even if the price has a balanced price. So what is the equilibrium price of real estate? Why is there such a big difference before and after the crisis?