The Economics of Property and Planning: Future Value

Description

This book introduces the interlocking disciplines of property and planning to economic theory and practice. Unlike any other available textbook, The Economics of Property and Planning skilfully introduces the reader to the interplay between property and planning using an economic lens. As resources become scarce, there is a growing need for students to understand the principles of economics in property and planning, especially given the rapid social, environmental, technological, and political changes that are shaping places. The book begins with an outline of key economists and economic problems, then resources and scarcity, before examining macro- and microeconomic factors at play in property and planning. Furthermore, this book covers a variety of topics, including spatial and locational modelling, fiscal approaches to redistribution, regeneration and renewal, and transport and infrastructure financing. There is also a particular focus on contemporary issues such as climate change, environmental limits to economic growth, sustainability and resilience, and affordable housing. This book also introduces practical evaluation tools and appraisal, plus a look at property and planning with respect to macroeconomic objectives, policy, and new directions. With property and planning essential factors in economic thinking and doing, this book provides insight into what future places will look like in real terms and how they will be shaped by policy. Targeted disciplines for this book include Economics, Planning, Property, Construction, Geography, Environmental Management, Sustainability, Housing, Built Environment, Land Economy, Urban Studies, Regional Studies, and Public Policy. Cover Half Title Title Copyright Contents List of figures List of tables Acknowledgements 1 Introduction to future value: the economics of property and planning Introducing the economics of property and planning Relevance and importance Concepts and theory – future value Policy and practice application 2 Economists and economic problems in property and planning Origins of economic thinking for property and planning Unpicking economic taxonomies – approaches, schools, and subdisciplines Classical economics, neoclassical economics, and political economy Welfare economics Institutional and behavioural economics Environmental economics Economic geography and space Economics in planning Urban economics, regional economics, and real estate economics Economics in property – contracts, justice, capital, financialisation, inequality, and modern practice 3 Resources and scarcity in property and planning The basic economic problem Resources, wants, and scarcity Choice and opportunity cost The production-possibility boundary 4 Microeconomics: market forces and markets Microeconomics What are market forces? What is a market? Housing and land The market and efficiency: demand, supply, and equilibrium Elasticity 5 Macroeconomics in the economics of property and planning Macroeconomics Macroeconomic objectives and measures The open economy Aggregate demand and supply Capital goods and flows Globalisation 6 Spatial and locational approaches in the economics of property and planning Location theories Green belts, urban sprawl, and growth control Density and zoning Agglomerations Brownfield sites and development 7 Market failure, externalities, and efficiencies in property and planning Introducing market failure and externalities Revisiting markets, market shaping, and profit margin motivations Dealing with the cost of ‘free’ environmental resources Externalities in the real world Why markets fail: failure to achieve efficiency and other social goals 8 Housing and neighbourhoods in the economics of property and planning Housing markets, efficiency, and low demand Labour, employment, education, health, and crime Inequality: poverty and disadvantage Gentrification Affordable housing and housing affordability 9 Fiscal approaches and value capture in the economics of property and planning Subsidies in land and buildings Tax in land and buildings Value capture Tax Increment Financing Joint development 10 Infrastructure economics in property and planning Infrastructure funding finance gaps and innovation Bonds in infrastructure projects Transport and infrastructure (connectivity of places) Transit-Oriented Development 11 Climate change, environmental limits to economic growth, sustainability, and resilience Climate change Environmental limits to economic growth Sustainability Resilience 12 Measuring value in the economics of property and planning Valuation and measurement as positive and normative economics Some economic approaches to measuring and valuing property and planning Cost-benefit analysis Appraisal, assessment, and evaluation Digitalisation 13 Policy and new directions in the economics of property and planning Fiscal policy, monetary policy, and direct policy Policy programmes, acts, and legislation New directions: valuing people and the planet Conclusions – pessimism and optimism Bibliography Index