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Economic Behavior, Economic Freedom, and Entrepreneurship

Economic Behavior, Economic Freedom, and Entrepreneurship

Edited by Richard J. Cebula, Joshua Hall, Franklin G. Mixon Jr and James E. Payne

Expert editors add to an important field of research, the economics of entrepreneurship, and explore how institutions influence entrepreneurial behavior. This book provides comprehensive and contemporary insights into the interaction between economic behavior of firms and households, economic freedom, and entrepreneurship, and how it generates an environment with greater opportunities for growth and development for individuals, households, and private-sector firms.

Chapter 9: An exploratory study regarding whether greater labor freedom reduces new home prices

Daniel L. Bennett, Richard J. Cebula and Robert Boylan

Subjects: economics and finance, austrian economics, economics of entrepreneurship, political economy


In this exploratory eclectic study for the year 2005, we find that the nominal median new house price in any given state was an increasing function of the state’s per capita income, the net immigration rate, the average January temperature, and the degree of urbanization. In addition the evidence strongly suggests that the nominal median new house price in any given state was found to be a decreasing function of both the crime rate and labor market freedom. We believe there is good reason to argue that labor freedom has a significant impact on interstate home price differentials. Our findings suggest that for a one unit increase in labor freedom, ceteris paribus, there is a 23 percent decrease in the interstate home price differentials.

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