Abstract
Large cities and urban areas exist because it is advantageous to pursue production and consumption activities in a spatially concentrated fashion. Cities are characterized by high population densities, congested intra-city movement, expensive land and the substitution of capital for land. Since persons and firms interact in high density concentrations, the essence of urban economics is the analysis of externalities, neighbourhood effects and related forms of market failure. Traffic congestion, agglomeration economies, pollution, racial segregation, and the provision of public goods all involve externalities and jointness in consumption or production.
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© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Mieszkowski, P. (1989). Urban Economics. In: Eatwell, J., Milgate, M., Newman, P. (eds) Social Economics. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19806-1_33
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DOI: https://doi.org/10.1007/978-1-349-19806-1_33
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-49529-2
Online ISBN: 978-1-349-19806-1
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