Economics, Real Estate and the Supply of LandThe 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). |
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affect agents amount of land analysis area of land argued argument assumed assumption building buyers capital value compulsory purchase cost demand curve demand for land density determined economic rent economists efficient evidence example expected factors of production Figure firm future game theory Green Belt higher price horizontal axis house prices increase indicated indifference curves intensive margin investment investors land and property land banking land for development land market land owners land prices land values landlord less lower margin market price minimum rent monopoly rent neoclassical obtained owner occupied owners of land ownership paid period piece of land planning permission planning system possible price discriminate price of land problem profitable property market reason represented reservation prices result Ricardian sell sellers sloping sold supply of land taxation tenants theory trade urban development urban growth boundaries urban sprawl vertical axis