New Books In Economics

Anxious Homes: Inflexible Demand and China's Housing Market (Cornell UP, 2026) is a study of the power that shapes the forms of the homes Chinese citizens strive for and the possible paths they may take to realize their home ownership dreams. Based on extensive ethnographic fieldwork, Mengqi Wang discusses how the Chinese real estate industry functions in the everyday, welding aspirational middle-class families, especially migrant families, to the property-owning class and the urban growth machine. Urban housing was a socialist benefit in China until the market reforms and privatization in the 1990s. Today, most Chinese citizens consider homeownership a necessity rather than an economic privilege. Wang analyzes the making of homeownership ideologies through "inflexible demand" (gangxu)—a concept that real estate brokers, developers, homebuyers, and the government in China use to craft homeownership as indispensable for fulfilling dreams of urban citizenship. The ethnography shows that gangxu helps to articula