Tuesday, November 18, 2008

Psychosocial effect of recessions

I don't know the literature that David Brooks is surely drawing from in discussing the nonpecuniary impacts of recessions, but he sure does.

Over at NYU, Dalton Conley has written about the benefits of homeownership along multiple dimensions of human well-being that typically aren't market outcomes. Brooks basically lists the set of things that are likely now to decline among folks who are suffering foreclosures and job loss.