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Sentences of wisdom
Real estate prices, not whining, are the real barometer of overall quality of life.
More here.
Posted by Tyler Cowen on July 5, 2007 at 10:44 AM in Economics | Permalink
Comments
That link is broken, at least for me.
Posted by: Micke at Jul 5, 2007 11:35:34 AM
The first link seems to be broken, but it looks like it's broken at the original site too.
Posted by: ryan at Jul 5, 2007 11:44:32 AM
I may be wrong, but I think this is the link Tyler is aiming for: http://econlog.econlib.org/archives/2007/01/million_dollar.html
Posted by: Jason Brennan at Jul 5, 2007 1:02:20 PM
Until your children can't afford to have children (your potential grandchildren) because your neighborhood is so expensive.
The secret of content, conservative voters in America is "Affordable Family Formation."
Posted by: Steve Sailer at Jul 5, 2007 4:56:20 PM
Until your children can't afford to have children (your potential grandchildren) because your neighborhood is so expensive.
The secret of content, conservative voters in America is "Affordable Family Formation."
Posted by: Steve Sailer at Jul 5, 2007 4:57:28 PM
Aren't statist restrictions like zoning and environmental laws a big factor in prices? The government could even pass a minimum real-estate law or some other kind of price floor that would completely ruin the barometer. I say there can only be relative measures gained by the "foot vote". If people on net move from A to B, the quality of life in B is better.
Posted by: TGGP at Jul 5, 2007 8:08:37 PM
Real estate prices, not whining, are the real barometer of overall quality of life.
If taken literally, this sentence is obviously wrong: basic economics says that real estate prices rise until the quality of life (including housing costs) is the same everywhere, within any area with no formal or informal barriers to migration.
In addition, it must be said that nominal prices are deceptive, except in a free market; and there are few places on Earth where there is a free market in real estate. I suspect that most Americans live in areas with significant restrictions on building, buying, and renting accommodation. The situation in most of Europe is worse. At least in England and Denmark, it is tragically worse.
Posted by: Arthur at Jul 6, 2007 10:08:47 AM
I don't know who Kaplan is, I guess he is a Libertoad "Market Uber Alles"
academic in some mediocre institution.
I love when a tenured goverment employee, and "Libertarian" to boot,
got hutzpa to tell people
that they are too stupid to konw what is good for them.
Posted by: mik at Jul 6, 2007 3:07:05 PM
Real estate prices measure scarcity, not abundance. By that standard, the Japanese have superior housing versus Americans because housing is more expensive over there.
Absurd. Remember consumer surplus?
Any student making such a claim would flunk Econ 101.
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