Economics Real Estate And The Supply Of Land

The book draws together the economic literature relating to the supply of land for development. The standard view appears to be that the owners of land have no interest other than to allow their land to be used for the activity which would yield the highest income. But in reality this is not so and the book's aim is to demonstrate this, to set out the reasons and to show the economic effects of the fact that landowners have other motives. The book covers the supply of land for urban development and shows how land has characteristics which differentiate it from other factors of production which will also affect its supply for some uses, e.g. land is fixed in location and its price and value are inseparable from where it is. New light is cast on the market for land (by concentrating on the supply side), and on land use planning (by taking an economic viewpoint).

Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.

Land economics. The supply of land. Population presuure. Land. Input-output. Economic retums. Land resource. Conservation. Location factors. Land resource values. Impact of institutional factors on land use. Property. Acqusition. Leasing. Use. Planning. Public measures for directing land use. Taxation of landed property.

Originally published in 1957. This book applies modern economic theory to the subject of land economics. The author is primarily concerned to show the role of analysis, with the main emphasis on urban real property. The first part discusses the working of the price mechanism in the property market. The second contains an extension and application of the analysis to property taxation and to two kinds of State intervention in the use of property. The chapter on the taxation of site values, for instance, is an original, general equilibrium analysis of the effects of taxation. The chapter on Compensation and Betterment, which ends the book, includes an analysis of recent British experience.