Economic Theory And The Construction Industry

The American construction industry, reponsible for nearly 4% of the nation's Gross Domestic Product, directly employs over five million people and provides millions of additional support jobs in related fields. This book provides an introductory overview of the economic aspects of the industry, including the historical development of building activity from earliest times to modern day market-based construction, including the work of individual artisans to complex construction unions. The book explores current trends in labor force participation; the measurement of industry performance; the determinants of investment; government involvement; competition; wage determination; training; and worker safety.

Traditional building economics has primarily been concerned with issues around project appraisal and cost management techniques. On the other hand, modern construction economics has a wider focus with stronger links to mainstream economics, reflecting an increased interest in a range of theoretical issues in construction economics, both at the macro and micro level. In Modern Construction Economics: Theory and Application, a variety of approaches are used to present a coherent vision of synthesis between industry economics and project economics. Topics covered include: developing construction economics as idustry economics competition and barriers to entry in construction innovation in construction theory testing in construction management research collusion and corruption in the construction sector. Including contributions from academics in the UK, Sweden, Hong Kong, and Australia, this is a truly global review of a core issue for the construction industry worldwide. The result is a unique book that will push toward the development of a comprehensive theoretical framework of construction economics. This is a must-read for all serious students of construction economics, and all practitioners looking for a deeper understanding of their industry.

This revised edition of an established classic textbook brings the subject right up to date. It applies economic theory to the formation of demand on the construction industry and to the way the industry responds. This edition provides a topical assessment of the implication for competition of new methods of procurement, includes a new chapter on rehabilitation, repair and maintenance, and extends the use of theory to issues such as the problems of appropriate technology for developing countries, and contractors' diversification.

Construction Economics provides students with the principles and concepts underlying the relationship between economic theory and the construction industry. The New Approach adopts an argument that economics is central to government initiatives concerning sustainable construction. This edition has been revised to explain the effects of the current economic crisis on the construction industry. In addition, sections relating to less developed countries, the economics of sustainable development and theories relating to a firm's bid strategy have all been rewritten. With new data, examples, initiatives, readings, glossary items and references, the third edition of this established core text builds on the strengths of the previous edition: a clear and user-friendly style use of a second colour to highlight important definitions and formulae regular summaries of key points a glossary of key terms extensive use of tables and figures extracts from the academic journal Construction Management and Economics to consolidate and prompt discussion reviews of useful websites This invaluable textbook is essential reading across a wide range of disciplines from construction management and civil engineering to architecture, property and surveying.

The American construction industry, reponsible for nearly 4% of the nation's Gross Domestic Product, directly employs over five million people and provides millions of additional support jobs in related fields. This book provides an introductory overview of the economic aspects of the industry, including the historical development of building activity from earliest times to modern day market-based construction, including the work of individual artisans to complex construction unions. The book explores current trends in labor force participation; the measurement of industry performance; the determinants of investment; government involvement; competition; wage determination; training; and worker safety.

Students across a wide range of disciplines, ranging from construction management and construction engineering through to architecture, property and surveying should find this an invaluable textbook.