By Yorgos Y. Papageorgiou, David Pines
Over the last thirty years, city financial thought has been one of the main energetic components of city and neighborhood financial learn. simply as static basic equilibrium concept is on the middle of contemporary microeconomics, so is the subject of this ebook - the static allocation of assets inside a urban and among towns - at the center of city monetary idea.
An Essay on city fiscal Theory good displays the kingdom of the box. half I presents a sublime, coherent, and rigorous presentation of a number of variations of the monocentric (city) version - because the centerpiece of city fiscal conception - treating equilibrium, optimal, and comparative facts. half II explores much less everyday or even a few uncharted territory. The monocentric version appears to be like at a unmarried urban in isolation, taking as given a primary enterprise district surrounded through apartments. half II, against this, makes the intra-urban position of residential and non-residential task the end result of the elemental tradeoff among the propensity to engage and the aversion to crowding; the ensuing trend of agglomeration might be polycentric. half II additionally develops types of an urbanized financial system with exchange among really good towns and examines how the market-determined dimension distribution of towns differs from the optimal.
This publication launches a brand new sequence, Advances in city and Regional Economics. The sequence goals to supply an outlet for longer scholarly works facing subject matters in city and neighborhood economics.
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Additional info for An Essay on Urban Economic Theory (Advances in Urban and Regional Economics)
These landlords confront numerous farmers and urban residents who bid for land in different locations. Parcels of land are supplied to the highest bidder. An alternative is to propose that all the land is originally owned by a single absentee landlord who behaves like a monopoly. The landlord, facing as before numerous farmers and urban residents, behaves so as to maximise the total revenue from land (see Markusen and Scheffman (1978)). The element shared by the above two approaches is that all urban rents necessarily vanish from the city, that is, they violate our third requirement.
Then and only then geography matters, in other words, distances between cities affect the equilibrium allocations. However, in the earlier models of the new economic geography that began with Krugman (1991), spacing is exogenous: although geography matters, it is not determined by the model itself. A truly endogenous urban geography model that follows the tradition of differentiated products within a monopolistic competition framework has been proposed by Mori (1997) and Fujita and Mori (1997).
Translated in English as Alfred Weber's Theory of Location of Industries by C. J. Friedrich. University of Chicago Press, Chicago, 1957. W. C. Wheaton, 1974, Linear Programming and Locational Equilibrium: the HerbertStevens Model Revisited. Journal of Urban Economics 1, 278-287. M. J. White, 1976, Firm Suburbanization and Urban Subcenters. Journal of Urban Economics 3, 323-343. 30 1. Introduction M. J. White, 1978, Location Choice and Commuting in Cities with Decentralized Employment. Journal of Urban Economics 24, 129-152.