The course exposes students to economic theory and applies that knowledge to assist the student's appreciation of the economic imperatives which drive and shape urban development. Interest in this course focuses on both broader spatial-economic considerations which shape our understanding of how the city ‘works’ in terms of competing pressures on land use, concepts of supply and demand, location theory, opportunity costs and marginalism. Insight is drawn from both economics and critical urban theory to explore the role of planning in the context of market operation, considering both efficiency and equity based rationale for potential intervention and what those interventions might and should look like. The second strand of this course looks in detail at the processes involved in land and property development in market economies in the context of government supervision of regulatory and approval processes. Through a range of case studies and drawing upon industry expertise, students are introduced to economic feasibility models to consider development from the perspective of all stakeholders involved, building greater awareness of the risks, costs and considerations shaping process. Topics include the nature and purposes of property development, real property law, development economics, the regulatory context, and taxation issues.
