I research the Rentier Black Hole, the process by which residential land draws in domestic and foreign capital and holds it there. It is not unique to Britain. The same pattern appears wherever housing becomes the preferred store of wealth.
Henry Fudge is a former wealth manager, technology founder and economist. His work focuses on the Rentier Black Hole: how residential land becomes a sink for domestic and foreign capital, and what economies give up when savings are diverted into housing rather than productive investment.
The same pattern appears across Britain, Europe, North America and East Asia. Different institutions. Different tax systems. The same underlying mechanism. His formal papers develop the theory. His essays explore its implications in plain English.
The structural distortion that pulls capital out of the productive economy and into self-validating land-price dynamics.
Why behaviour written off as moral failure is a rational response to an economy where productive work no longer buys the life it once did.
Thirteen policies, one structural argument, and why the economics has been solved for 150 years.
How Britain's housing market became the engine of every economic dysfunction, from stagnant wages to capital fleeing productive enterprise.
Why capital flows into housing across advanced economies and does not come back out.
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