But literally speaking, do we see a lot of incomplete buildings during an artificial boom? How do we actually see what you’re describing play out?
Dr. Herbener can correct me if I am wrong, but many projects are finished during the boom. It is the bust that reveals the errors. The experience of unfinished housing projects were especially evident in my hometown. During the housing boom, it was a race between a few cities for the title of “fastest growing city in the U.S.” The post-crash impact of the crash left housing developments with foundation-only and partially built homes. Gated communities were left with blocks of undeveloped land. It was and is an especially odd site to see.