房地产市场的构成因素
本章的目的是对主题提供一个清晰的了解以及其各种因素, 通过学术的全面审视建立一个真正的房地产市场。我们将会在学术层面上囊括理论家和学者在住房经济学这个问题上的广泛意见，更具体地说是供需法律和政府干预的影响。根据佩斯(2003)的论述，文献综述的目的是的系统地总结,评估和比较各种著作。下面的文献综述应向读者提供必要的知识，包括供给和需求的原则，以及公共政策和市场之间在土地和财产上的关系。本章的目的是促使对公共政策对土地和房地产市场的影响的理解提供一种改进的概念。
正如我们将要看到的,理论和概念化存在不同水平的抽象程度——从新古典经济学的“法律”到在特定的地区的新兴住宅案例研究方法的发展中的“倒置”理论。
新古典经济学
在新古典经济学中, 土地市场的价格被认为是由供给和需求的相互作用决定的。
Aspects that make up a real estate market
This chapter aims to provide a clear understanding of the topic and the various factors and aspects that make up a real estate market through a comprehensive review of literature. The literature intends to cover a wide range of opinion from theorists and scholars on the subject housing economics more specifically the law of supply and demand and the impact of government intervention. The aim of a literature review according to Pace (2003) ‘to summarise, evaluate and systematically compare a diverse range of literature’. The following literature review should provide the reader with the necessary knowledge of the principles of supply and demand and the relationship between public policy and markets in land and property. The purpose of this chapter is to facilitate an improved conceptual understanding of the impact of public policy on land and property markets.
As we shall see, theories and conceptualizations exist at various levels of abstraction from the ‘laws’ of Neo-Classical economics to ‘bottom up’ theories emerging from case study approaches of residential developments in particular areas.
Neo Classical Economics
In neo-classical economics, prices are considered to be determined by the interaction of supply and demand in the land market. In policy terms, the most important question then becomes how far policy directly affects the overall quantity of supply and demand. Neo-classical economists believe if supply is constrained or demand stimulated by public policy, then, other things being equal, land prices will rise. The price mechanism thus operates to return supply and demand to a state of equilibrium. In ‘Institutions in British Property Research’, Ball et al. (1998) state that for equilibrium to be feasible ‘buyers and sellers must be able to use the full available information when making their decisions and operate according to the arguments of their demand and supply schedules. This may not occur, for example, if planning regulation freezes land supply or restrictive long leases severely distort demand.’ (Adams et al 2003)
According to neo-classical theory, a perfectly competitive market that experiences no external distortions will achieve a resource efficient allocation without any need for state intervention. According to Needham (1994), the quantitative advantages of neo classical economic theory make it better to explain some property market outcomes than such non quantitative approaches such as Marxist economics.
Model of SupplyandDemand
In 1890 the modern supply and demand model was published in Principles of economics by an English Economist Alfred Marshall and has become one the fundamental cornerstones of economics. In ′Supply and Demand′, 2004, Hubert D. Henderson identifies 3 laws in order to describe supply and demand;
When at the price ruling, demand exceeds supply, the price tends to rise. Conversely when supply exceeds demand the price tends to fall
A rise in price tends, sooner or later, to decrease demand and to increase supply. Conversely a fall in price tends, sooner or later to increase demand and to decrease supply
Price tends to the level at which demand is equal to supply
The term elasticity was developed in order to ′measure the degree of responsive of one variable to changes in another′ (Grant 2000). In simple terms the degree to which a demand or supply curve reacts to a change in a variable (such as price) is the curve's elasticity. Elasticity varies among products because some products may be more essential to the consumer and therefore are more insensitive to pri
