Economics, Real Estate and the Supply of Land [Paperback]

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).Chapter 1: Introduction: The Market for Land and Property.

The supply of land.

The demand for land.

The development of a theory of the supply of land.

Chapter 2: Land Values, Rents and Demand.

Introduction.

Ricardian rent theory.

Neoclassical rent theory.

Ricardian theory remembered.

Planning controls and rent theory.

Hierarchical planning systems.

Urban rent theory.

Rents, economic and commercial.

Summary and conclusion.

Chapter 3: Coping with Changes in Demand.

Introduction.

The extensive margins.

The intensive margin.

Capital longevity and the asymmetry of change.

The process of change in the housing market.

Summary and conclusions.