''This is an important book. The authors in effect offer a positive theory of planning and urbanisation. As such, Webster and Lai''s model, based on institutional economics, is a vast improvement on some equally ambitious predecessors. The book''s insights and clarity make it a must reading for anyone seeking better understanding of how cities evolve as they do, and why planning is an integral part of their evolution.'' - Ernest Alexander, University of Wisconsin, Milwaukee, US ''A truly remarkable achievement.'' - Mark Pennington, University of London, UK ''Chris Webster and Lawrence Lai have created a coherent and insightful integration of concepts such as property rights, organizations, competition, incentives, transaction costs, public goods, and externalities, which will help theorists and urban practitioners analyze and manage city goods and services. An important insight of the authors is the recognition of the interdependencies of people in a neighborhood, which can be efficiently handled with shares in the property value of the neighborhood. There is a constant question of how much markets and how much government should be involved in urban matters, and the authors provide a reasoned, balanced approach which recognizes the vital role of government while appreciating the effectiveness of markets and decentralized decision making, including private institutions or" clubs" such as homeowners'' associations. Their position that governments and markets co-evolve and complement one another is sound, and their conclusions regarding the need to provide clear property rights and efficient rules provide us with theoretical tools to better understand how cities can be improved while being wary of the "allure of utopia".'' - Fred Foldvary, Santa Clara University, California, US ''This is a really important contribution to the planning literature. Beautifully written and clearly structured, it explains the complex relationship between" planning" and "markets" using the economic perspective of transaction cost theory and the" new-institutionalism". This provides a robust way of addressing the old "economic and planning" agenda, which the authors illustrate with references to cases and situations from across the world. Informative and stimulating, this should be included in every planning theory course, and will be helpful to all trying to re-think old debates about planning and markets.'' - Patsy Healey, Newcastle University, UK ''Professors Webster and Lai have written a masterly work that applies the principles of Hayek and of institutional economics to understanding cities. This is a refreshing and more convincing alternative to the standard politically correct views.'' - Harry W. Richardson, University of Southern California, US ''Property Rights, Planning and Markets covers an original and intriguing issue, viz. the existence and development of cities at the interface of market forces and planned or controlled policies ...the book offers new horizons and contains refreshing reading material.'' - Peter Nijkamp, Free University, Amsterdam, The Netherlands This book represents a major innovation in the institutional analysis of cities and their planning, management and governance. Using concepts of transaction costs and property rights, the work shows systematically how urban order evolves as individuals co-operate in cities for mutual gain. Five kinds of urban order are examined, arising as co-operating individuals seek to reduce the costs of transacting with each other. These are organisational order (combinations of property rights), institutional order (rules and sanctions), proprietary order (fragmentation of property rights), spatial order and public domain order. Property Rights, Planning and Markets also offers an institutional interpretation of urban planning and management that challenges both the view that planning inevitably conflicts with freedom of contract and the view that its function is a means of correcting market failures. Real life examples from countries and regions around the world are used to illustrate the universal relevance of theoretical generalisations, which will be welcomed by a new generation of policymakers and students who take on a world view that goes beyond national boundaries.

What rights does the state have over privately owned land? Why should some landowners be favoured over others? How can the practice of land-use planning be improved? This book addresses these essential questions and shows that the interests people have in property rights over land and buildings are not just emotional but often financial too. It follows that the law, which affects who has property rights, what those rights are and how they may be used, can have great financial consequences for people and great economic consequences for society in general. For those reasons, looking at land-use planning as it affects and is affected by property rights illuminates some core aspects of land-use planning, including the law, economics, ethics and ideology. In this book, Needham examines those aspects from the clear perspective of property rights.

The focus of this book is on how public policy - and especially the planning system - both shapes and reflects the essential characteristics of land and property markets. It challenges the common misconceptions that property markets operate in isolation from public policy and that planning permission is the only significant form of state intervention in the market. Planning, Public Policy & Property Markets contends that effective state-market relations in land and property are critical to a prosperous economy and a robust democracy, especially at a time when development aims to be sustainable and environmental protection needs to be matched by urban and rural regeneration. The book thus reflects an increased realisation among academics and practitioners of the importance of theoretical integration and ‘joined-up’ policy-making. Its rounded perspective addresses a significant weakness in the academic literature and will encourage broader debate and a more pluralist agenda for property research. Prominent contributors present important new research on different market sectors and policy arenas, including regeneration and renewal, housing growth, housing planning, transport and economic competitiveness, while the editors specifically draw out more general lessons on the dynamic nature of the state/property market relationship in a modern economy. This book will encourage all those involved in property research who strive for theoretical and practical connectivity to demonstrate that, just as property market operations cannot be analysed without understanding state processes, policy decisions cannot be taken without an appreciation of how the market operates.

This book introduces the interlocking disciplines of property and planning to economic theory and practice. Unlike any other available textbook, The Economics of Property and Planning skilfully introduces the reader to the interplay between property and planning using an economic lens. As resources become scarce, there is a growing need for students to understand the principles of economics in property and planning, especially given the rapid social, environmental, technological, and political changes that are shaping places. The book begins with an outline of key economists and economic problems, then resources and scarcity, before examining macro- and microeconomic factors at play in property and planning. Furthermore, this book covers a variety of topics, including spatial and locational modelling, fiscal approaches to redistribution, regeneration and renewal, and transport and infrastructure financing. There is also a particular focus on contemporary issues such as climate change, environmental limits to economic growth, sustainability and resilience, and affordable housing. This book also introduces practical evaluation tools and appraisal, plus a look at property and planning with respect to macroeconomic objectives, policy, and new directions. With property and planning essential factors in economic thinking and doing, this book provides insight into what future places will look like in real terms and how they will be shaped by policy. Targeted disciplines for this book include Economics, Planning, Property, Construction, Geography, Environmental Management, Sustainability, Housing, Built Environment, Land Economy, Urban Studies, Regional Studies, and Public Policy.

Countries which take spatial planning seriously should take planning law and property rights also seriously. There is an unavoidable logical relationship between planning, law, and property rights. However, planning by law and property rights is so familiar and taken for granted that we do not think about the theory behind it. As a result, we do not think abstractly about its strengths and weaknesses, about what can be achieved with it and what not, how it can be improved, how it could be complemented. Such reflections are essential to cope with current and future challenges to spatial planning. This book makes the (often implicit) theory behind planning by law and property rights explicit and relates it to those challenges. It starts by setting out what is understood by planning by law and property rights, and investigates - theoretically and by game simulation - the relationships between planning law and property rights. It then places planning law and property rights within their institutional setting at three different scales: when a country undergoes enormous social and political change, when there is fundamental political debate about the power of the state within a country, and when a country changes its legislation in response to European policy. Not only changing institutions, but also global environmental change, pose huge challenges for spatial planning. The book discusses how planning by law and property rights can respond to those challenges: by adaptive planning), by adaptable property rights, and by public policies at the appropriate geographical level. Planning by law and property rights can fix a local regime of property rights which turns out to be inappropriate but difficult to change. It questions whether such regimes can be changed and whether planning agencies can make such undesirable lock-ins less likely by reducing market uncertainty and, if so, by what means.

As urbanization progresses at a remarkable pace, policy makers and analysts come to understand and agree on key features that will make this process more efficient and inclusive, leading to gains in the welfare of citizens. Drawing on insights from economic geography and two centuries of experience in developed countries, the World Bank’s World Development Report 2009: Reshaping Economic Geography emphasizes key aspects that are fundamental to ensuring an efficient rural-urban transformation. Critical among these are land, as the most important resource, and well-functioning land markets. Regardless of the stage of urbanization, flexible and forward-looking institu- ons that help the efficient functioning of land markets are the bedrock of succe- ful urbanization strategies. In particular, institutional arrangements for allocating land rights and for managing and regulating land use have significant implica- ons for how cities deliver agglomeration economies and improve the welfare of their residents. Property rights, well-functioning land markets, and the management and servicing of land required to accommodate urban expansion and provide trunk infrastructure are all topics that arise as regions progress from incipient urbani- tion to medium and high density.

Environmental Markets explains the prospects of using markets to improve environmental quality and resource conservation. No other book focuses on a property rights approach using environmental markets to solve environmental problems. This book compares standard approaches to these problems using governmental management, regulation, taxation, and subsidization with a market-based property rights approach. This approach is applied to land, water, wildlife, fisheries, and air and is compared to governmental solutions. The book concludes by discussing tougher environmental problems such as ocean fisheries and the global atmosphere, emphasizing that neither governmental nor market solutions are a panacea.

This book re-examines the role of urban policy and planning in relation to the housing market in an era of global uncertainty and change. The relationship between planning and the housing market is a contested problem across research, policy, and practice. Problems with housing supply and affordability in many nations have been linked to planning system constraints, while the global financial crisis has raised new questions about the role of urban planning regulation and processes in responding to housing market trends. With reference to international cases from the United Kingdom, the United States, Ireland, Hong Kong and Australia, the book examines how different systems of urban planning and governance address complex and dynamic housing market trends. It also offers practical guidance on how urban planning can support an efficient supply of appropriate and affordable homes in preferred locations. A detailed study, which explains and decodes the workings of the planning system and housing market, this book will be of particular interest to scholars of human geography and urban planning, as well as housing policy makers and practitioners. To view Nicole Gurran’s related TEDx talk please visit: Housing Crisis? How about housing solutions. TEDx Sydney 2018 (http://bit.ly/2psfpMw)

Planning and the Political Market argues that the enthusiasm for planning as an essential component of environmental protection is misplaced. Drawing on the experience of Britain and other Western democracies, the author uses public choice theory to explore the practical experience of land use planning as an example of government failure. The book opens by outlining the institutional focus of public choice theory, examining the central questions of market and government failure and the theoretical case for government intervention in the environment. Having explored the principal impacts of planning the book goes on to analyse the institutional structures which have produced these policy outcomes. The analysis suggests that institutional incentives within the 'political market' have frequently led to policies which favour special interest groups and public sector bureaucracy. The book concludes with an assessment of the potential for a private property rights, free market alternative to increase community involvement and access.