Rationale for Real Estate Policy
- 66 Downloads
An argument initiated in Chapter 2 is being developed to conclude that building an investment climate that facilitates (private sector led) ‘investment and growth and empowering poor people to participate in that growth’ (Stern, 2002) offers some answers to sustainable poverty alleviation in sub-Saharan Africa. This raises the obvious question: how does one empower the poor to participate in private sector led growth? Considering the pervasiveness of real estate ownership (generally defined) and transactions in the sub-Saharan region, creating an environment to provide the right incentives for the poor to utilise, via their own voluntary transactions, real estate assets efficiently may be part of the answer to the question. This chapter examines the parameters that determine what might be described as efficient real estate policy regimes that could garner the gains made by the poor, through real estate utilisation and transactions, to better their lot. The view of this book is that the poverty of appropriate real estate policy regimes in sub-Saharan Africa is a fundamental cause of why many of its inhabitants own real estate but are still hopelessly poor.
KeywordsReal Estate Transaction Cost Market Failure Price System Real Estate Market
Unable to display preview. Download preview PDF.
- 1.Menger, C. (2007), Principles of Economics. Auburn, AL: Ludwig von Mises Institute.Google Scholar
- 2.Jevons, W. S. (1871), Theory of Political Economy. London: Macmillan & Co., Third Edition, 1888.Google Scholar
- 3.Mill, J. S. (1848), Principles of Political Economy. New York: Prometheus Books, 2004.Google Scholar
- 4.Smith, Adam (1759), The Theory of Moral Sentiments. London: A. Millar, Sixth edition, 1790.Google Scholar
- Smith, Adam (1776), An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. 4, the University of Chicago Edition. Available at: http://www.ibiblio.org/ml/libri/s/SmithA_WealthNations_p.pdf (accessed on 2009).
- 5.Mises, L. v. (1998), Human Action: A Treatise on Economics. Auburn, AL: Ludwig von Mises Institute, 1998.Google Scholar
- 7.Locke, J. (1690), An Essay Concerning Human Understanding, I, pp. 331–3Google Scholar
- Fraser, A. C. (Toronto, General Publishing Company Ltd); Leibniz, G. W., 1764 . Nouveaux essais sur l’Entendement Humain, J. Brunschwig (ed.). Paris: Garnier-Flammarion, 1966.Google Scholar
- 8.Rothbard, M. N. (1962), Man, Economy, and State: A Treatise on Economic Principles. Princeton, NJ: Van Nostrand.Google Scholar
- 10.Marshall, A. (1920), Principles of Economics. London: Macmillan and Co., Ltd.Google Scholar