> Theoretically, we might expect that many people would respond to
> unemployment by searching for better opportunities. But the steelworkers in
> Youngstown and the coal miners in West Virginia would take such a large
> capital loss in selling their homes if they chose to relocate.
>
>
I first ran into this argument in Horkheimer and Adorno's Dialectic of
Enlightenment as an undergrad... rather powerfully changed by take on
homeownership (but didn't lead me not to buy one - in MI - later....)