The internet is a wonderful thing in the department of making a permanent record. While looking for some data for another post, I came across this gem, from a 2007 article excerpting a chapter in a forthcoming book, “The Economics of Housing Bubbles,” in America’s Housing Crisis: A Case of Government Failure, edited by Benjamin Powell and Randall Holcombe:

There are three basic views of bubbles that are held by economists. The dominant view among modern mainstream economists, including the Chicago school and proponents of Supply-Side economics, is to deny the existence of bubbles and to declare that what is thought to be “bubbles” is really the result of “real” factors....