Abstract
In advanced capitalist countries, the property market is an economic mechanism rationing land between competing and occasionally conflicting uses, and is often modified by central and local government requirements. But the market is subject to severe criticism for three principal reasons:
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(1)
As a means of allocating land between different uses the market may seem to be inefficient, suffering from inherent imperfections — demand and supply overall being rarely in equilibrium (chapter 2).
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(2)
The pattern of land use and values as determined by the price mechanism disregards the needs of the less profitable, and often unprofitable yet socially desirable, users of land for such purposes as schools, hospitals and public open space.
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(3)
The financial nature of the property market, with its stress upon private profit, maintains and frequently highlights national inequalities of income and wealth, and usually does so in a way that is a reflection of the ‘monopolistic’ nature of land-ownership rather than an indication of entrepreneurial ability.
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© 1988 Paul N. Balchin, Jeffrey L. Kieve and Gregory H. Bull
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Balchin, P.N., Kieve, J.L., Bull, G.H. (1988). Land Values, Proprietary Interests and Town Planning. In: Urban Land Economics and Public Policy. Macmillan Building and Surveying Series. Palgrave, London. https://doi.org/10.1007/978-1-349-19444-5_9
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DOI: https://doi.org/10.1007/978-1-349-19444-5_9
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