Urban land economics / Jack Harvey and Ernie Jowsey.

Table of contents


PART I WELFARE AND ECONOMIC EFFICIENCY

1 Economic Efficiency through the Price System 3
1.1 Welfare and economic efficiency 3
1.2 Conditions necessary for Pareto optimality 5
1.3 Achieving the conditions of economic efficiency 9
1.4 Conditions necessary for economic efficiency
through the price system 12

PART 11 REAL PROPERTY

2 Characteristics of the Real Property Market 21
2.1 Is there a real property market? 21
2.2 The efficiency of the real property market 24
3 Functions of the Real Property Market 30
3.1 Dealings in real property interests 30
3.2 Functions of the real property market -31
4 The Pricing of Land and Land Resources 39
4.1 Land as a whole 39
4.2 The commercial rent of land 41
4.3 The pricing of land resources 45
4.4 The dominance of stocks over flows 46
5 Investment in Real Property 53
5.1 Special investment characteristics
of different interests in real property 54
5.2 Investors in real property 59
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5.3 The overall level of yield on investment
assets in general 62
5.4 The pattern of yields on different assets
with particular reference to property assets 64
5.5 Asset yields over time: an empirical study 69
5.6 The effect on the real property market of the
demand for land resources as an investment 74

PART ID DEVELOPMENT

6 The Development Process 81
6.1 The nature of development 81
6.2 Problems of the developer 83
6.3 Choosing between capital projects 86
6.4 Estimating demand 93
6.5 Optimum construction outlay 98
6.6 The intensity of site use 99
6.7 The amount which can be paid for the site 100
6.8 The choice of development project 103
7 The Timing and Rate of Redevelopment 105
7.1 The timing of redevelopment 105
7.2 The rate of redevelopment 109
8 Finance for Development 114
8.1 General considerations 114
8.2 Short-term finance 116
8.3 Longer-term development finance 118
8.4 Long-term investment finance 120
9 The Impact of Finance on the Commercial Property
Market 126
9.1 The property market in the 1950s and 1960s 127
9.2 The collapse of the property market 1973--4 128
9.3 The 1989-91 property collapse 129
9.4 Lessons which need to be taken on board
from the two collapses 134
9.5 Repercussions of the property collapse 135
9.6 The commercial property scene in 2003 142
10 Comprehensive Redevelopment 144
10.1 The nature of comprehensive redevelopment 144
10.2 Comprehensive redevelopment by private
enterprise 145
10.3 Redevelopment by the local authority 147
10.4 Partnership arrangements between local
authorities and private developers 148
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11 Public-Sector Development: Cost-Benefit Analysis 152
11.1 The functions of cost-benefit analysis (CBA) 152
11.2 The principles of CBA 154
11.3 The problem of distributional effects 160
11.4 Adjusting market prices 161
11.5 Pricing non-market goods 164
11.6 Dealing with spill over effects and intangibles 167
11.7 Choosing the appropriate discount rate 170
11.8 An appreciation of the role of CBA 174
11.9 Cost-benefit studies of the New Covent
Garden Market 177
12 The Economics of Planning Controls 182
12.1 Externalities 182
12.2 The planning procedure 187
12.3 The rationale of planning controls 188
12.4 The pros and cons of planning controls
as a means of government intervention 195
12.5 The impact of planning controls 197
13 The Construction Industry 202
13.1 The nature of the construction industry 202
13.2 The conditions of demand and supply in the
construction industry 204
13.3 Pricing the product - 208
13.4 The structure of the construction industry 211
13.5 Builders' merchants 213
13.6 Labour 215
13.7 Productivity 217
13.8 Mechanisation 218
13.9 Innovation 222
13.10 Mass production 224
13.11 The present situation and prospects 228
PART lV URBAN LAND USE
14 Land Use and Land Values 233
14.1 Introduction 233
14.2 Transport costs and location 235
14.3 Factors determining urban land use 238
14.4 Government policy 242
15 The Pattern of Urban Land Use 247
15.1 Location equilibrium for firms and households 247
15.2 Application of the Von Thunen model 252
15.3 Theories of urban structure 260
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16 The Growth of Urban Areas 267
16.1 Theories of urban growth 268
16.2 The urban hierarchy and central place theory 273
16.3 Optimum city size 276
16.4 The problem of 'overspill' 279
16.5 Green belts 281
16.6 New towns 283
16.7 Expanded towns 286
17 The Quality of the Urban Environment:
Problems of Urban Areas 290
17.1 Urban decay 291
17.2 Pollution 297
17.3 Conservation 303
17.4 Urban traffic 307
18 Housing 318
18.1 The provision of housing through the
market economy 318
18.2 Housing policy 322
18.3 The economics of rent control 325
18.4 Changes in tenure distribution 328
18.5 The 1979 policy watershed 333
18.6 The impact of the change of policy on
tenures 338
18.7 The weaknesses of Conservative housing
strategy 1979-89 346
18.8 Housing and inflation 347
18.9 The housing market 1989-99 348
18.10 The future provision of housing 350
19 Regional Policy 356
19.1 The regional problem 356
19.2 The location of industry in its regional
context 358
19.3 Theories and·modeis of regional growth 362
19.4 Government policy 365
19.5 Urban regeneration 371
19.6 Regional policy in the context of the EU 373

PART V THE GOVERNMENT AND LAND RESOURCES

20 The Impact of Government Macro Policy on
Land and Property Resources 379
20.1 Cyclical instability 379
20.2 Monetary policy 382
20.3 Fiscal policy 384
20.4 Property in a low-inflation economy 386
20.5 The role of the government as regards
growth and income distribution 387
Economic Theory and Public Finance 391
21.1 The provision of goods and services by
the public sector 392
21.2 Public-sector expenditure 394
21.3 Financing public-sector services 395
21.4 User-charges 396
21.5 Taxation 400
The Incidence of Taxation on Land Resources 408
22.1 Direct taxation and land resources 409
22.2 The impact of VAT on real property 414
22.3 Local taxes based on property 416
22.4 Present finance of local government 424
22.5 The future of local finance
UK Property and the European Union (EU) 431
23.1 The EU's single market 431
23.2 SEM and the property industry 432
23.3 The position of the UK in the global
market for top-grade property 435
23.4 The impact of the SEM on the UK 436
23.5 Economic and Monetary Union (EMU):
the single currency 436
23.6 An outline of the main pros and cons of UK
membership of the EMU 438
23.7 The EMU and the UK property market 441
Index 449



Includes bibliographical references and index.

Includes bibliographical references and index.