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This article in The Economist argues that house prices around the world are over-valued and that Oz wins the prize for the greatest overvaluation – on their model by 56.1%. Hardly surprising since, on their estimates, house prices in Oz have increased by 197% from 1997-2010. I have split loyalties on this one – I [...] Willem Buiter has offered the provocative view that the stock of housing should (generally) not be included as part of net wealth. As The Economist remarks: A shift in the value of housing does not affect household wealth in the aggregate, he says, because on average everyone is a tenant in his own home. A [...] Andrew Leigh is an amazingly active economist and does work of real social value. The current Economic Record has a piece by Andrew and his colleague Ian Davidoff where he values public school education in the ACT by looking at the effects of better than average test scores on house prices. A preprint of the [...] |
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