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Spring 2008

ISSN 0890-913X

Volume 23, Number 2

Categories: Spring 2008 | Liberalism

Housing Prices and Economic Freedom

Noel D. Campbell, University of Central Arkansas

Andres Jauregui, Columbus State University

Kirk C. Heriot, Columbus State University

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TheJournalofPrivateEnterprise23(2),2008,1-17HousingPricesandEconomicFreedomNoelD.CampbellUniversityofCentralArkansasAndresJaureguiColumbusStateUniversityBirkC.HeriotColumbusStateUniversityAbstractTheEconomicFreedomIndexofNorthAmericameasurestheimpactofgovernmentalinstitutions.Theliteraturefindsthateconomicfreedomleadstohigherincomes.Economicfreedomisageographicallydefinedbenefit,thevalueofwhichwillbecapitalizedintorealestatevalues.Wehypothesizethatmoreeconomicfreedomshouldleadtohigherhomeprices,ceterisparibus.Ourfindingssupportourhypothesis.Throughavarietyofdirectandindirecteffects,economicfreedominfluencesthequalityoflife.Statesthataremoreeconomicallyfreearemoreattractiveplacestolive,andthebenefitsaccruingtomoreeconomicfreedomarecapitalizedintohomeprices.I.IntroductionHighervaluesoftheEconomicFreedomIndexofNorthAmerica(Karabegovic,Samida,Schlegel,andMcMahon,2003),anindexmeasuringaconstellationofgovernmentpolicies(hereafterthefreedomindex)hasbeenlinkedtohigherincome(Karabegovic,Samida,Schlegel,andMcMahon,2003;KarabegovicandMcMahon,2005),morebusinessventuringandentrepreneurship(CampbellandRogers,2007;KreftandSobel,2005),andpopulationin-flow(Ashby,2007).Thefreedomindexmeasurestheimpactsofgovernmentalinstitutions,whichlargelystopatastate'sborders.Thusastate'spoliciesandinstitutionsconsistentwitheconomicfreedomconstituteageographicalbenefit.Thevalueofgeographicallydefinedbenefitswillbecapitalizedintohomeprices.Wehypothesizethatmoreeconomicfreedomshouldleadtohigherhomeprices,ceterisparibus.1

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Metadata [hide]

Title	Housing Prices and Economic Freedom
Authors/Creators:	Noel D. Campbell, University of Central Arkansas Andres Jauregui, Columbus State University Kirk C. Heriot, Columbus State University
Year:	2008
Volume:	23
Number:	2
Pages:	1 - 17
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Housing market, Economic freedom, Prices, Econometrics

Citation:
Campbell, Noel D.; Jauregui, Andres; Heriot, Kirk C. / 2008. "Housing Prices and Economic Freedom." The Journal of Private Enterprise, 23(2): 1-17.