I am an Economist fan. Some of what has been said is fair comment. That said, I have found their articles particularly on finance, accounting, airlines very usefuld and informative.
The point they make about property in Ireland is that it is unrelated now to 'income' and many economists agree with that. They also highlighted dozy bureaucratic planning restrictions as a major reason for keeping the supply down when the queues are out the door. When Mick Bailey makes €50m a year from development, I cannot but conculde that there is 'supernormal profits' in that business. And when brickies get €120,000 a year from even Gama.. who is paying for this?
So what will happen when interest rates turn? Even if the prices go 'flat', inflation at even moderate rates means there is a real reduction. Just because most of us will look at the money value, does not mean we are right.