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urban_land_economics_ch11 - 11 MANAGING URBAN LANDRESOURCES...

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11 MANAGING URBAN LAND RESOURCES: LAND-USE CONTROLS AND LAND POLICY AN INTRODUCTORY INVENTORY OF ISSUES AND APPROACHES 'fhere are th_ree generally accepted reasons for intervening into the f unctioning free markets. l. 'l-he elimination of irnperfections so as t() enable the markets to work more effi- ciently and thus allocate scarce resources bett.er than previously. 2. Accounting for externalitias so that private and social costs and benefits can be brought into closer correspondence. 3. Redistribuling lhe .scarce resources of'society so that the disadvantaged are provided with a greater opportunity to share in society's output. The first two objectives of intervention seek to effect allocational ffi- ciency, while the third objective seeks to create distributional equity. Traditionally, economists have been reasonably effective on the alloca- tion front, but have fared rather poorly on distributional issues. When transposing these rather general objectives of government involvement in the marketplace into the realm of urban land markets, one of these objectives comes to the fore: the control of externalities. A secondary objective has been the removal of imperfections, particu- larly in urban housing markets, a subject to be treated in the next chap- ter. Redistribution of income or resources, however. is not seen as an 302 explicit goal l tional effectl We will ! markets and contain the 1 will then turl most notablj control of url not of direct of the work i externalities We will r particularly I ind t0 deal literature tol our theoreti served effer strategies. Finally, into the raP managemer minimize ol have accom vanous regl 1 EXTE Land-use c( earliest forrl clusivezond jacent uses I the first lan( significantl/ trols have t zoning. Th( externalitiei ter 8, limitC property al agarnst env The ea sidered to ! of the first l I . . . (it is) ur{ ness of a pq ciV which liq
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Managing Urban Land Resources 303 - IG URBAN iOURCES: -AND-USE iOLS AND D POLICY UES AND rvening into the to work more effi_ iously. rnd benefits can be rtaged are provided allocational effi- ributional ,qiity. ve on rhe alloci- onal issues. of government n land markets, externalities. A 'ctions, particu- r the next chap- i not seen as an explicit goal of urban land policy, though rhere are significant distribu- tional effects of urban land managem-ent policies. " ,we will.begin our analysis with the exteinality issues in urban land markets and focus on the urban land policies designed to minimize or contain the off-site effects of various urban land-"using activities. we will then turn our attention to imperfections in urban"land markets, most notably with respect to issuei of monopolistic and oligopolistic control of urban land resources and the role oi land speculato"rr. whit.
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