Learning Outcomes:
On the completion of the module students are expected to:
- Have an understanding of the principles of applied microeconomics
- Have developed an understanding of the economic context for property development decisions in a market economy.
- Have gained a knowledge of the workings of market processes, market failures and interventions and the role of economic incentives
- Have developed their abilities to apply economic tools and analysis to the property planning and development policy arena.
- Have an understanding of economic issues in relation to property markets, planning and development policy
Indicative Module Content:
A basic outline of content includes:
1. Operation of Property markets and Planning relationships with Economics
2. Basic concepts in economics: macro vs. micro; scarcity, choice and opportunity cost; economic analysis of human behaviour; introduction to planning problems as economic problems, externalities, etc.
3. How a Market Economy Works. Supply and demand; prices and output
4. How the Market Fails. The rationale for planning: public goods, externalities and planning problems.
5. Public Interventions in market processes
The second part of the module outlines the spatial context of economic decision making on urban form and location by introducing principles of urban and regional economics and demonstrates the application of economic analysis to the problems and challenges of modern Western cities. The economic forces influencing the development of cities are described along with an overview of the classic theories of urban structure and land-use. The role of the transport system is focused and the problems of facilitating mobility and accessibility with and between urban areas are examined in detail. The issues relating to market processes and interventions are explored. Decision making within competitive markets are examined along with the role of regulation or interventions aimed at achieving equity and/or efficiency.