By Yorgos Y. Papageorgiou, David Pines
Over the prior thirty years, city fiscal idea has been probably the most lively components of city and local fiscal learn. simply as static normal equilibrium thought is on the middle of contemporary microeconomics, so is the subject of this booklet - the static allocation of assets inside a urban and among towns - on the middle of city monetary conception.
An Essay on city financial Theory good displays the kingdom of the sector. half I presents a sublime, coherent, and rigorous presentation of a number of editions of the monocentric (city) version - because the centerpiece of city monetary thought - treating equilibrium, optimal, and comparative facts. half II explores much less customary or even a few uncharted territory. The monocentric version seems to be at a unmarried urban in isolation, taking as given a imperative enterprise district surrounded by way of apartments. half II, against this, makes the intra-urban place of residential and non-residential job the end result of the basic tradeoff among the propensity to have interaction and the aversion to crowding; the ensuing development of agglomeration can be polycentric. half II additionally develops types of an urbanized financial system with exchange among really good towns and examines how the market-determined measurement distribution of towns differs from the optimal.
This publication launches a brand new sequence, Advances in city and RegionalEconomics. The sequence goals to supply an outlet for longer scholarly works facing themes in city and local economics.
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Additional resources for An Essay on Urban Economic Theory
ATD Aggregate transportation demand. Notation 21 • b Transportation infrastructure function. B Transportation infrastructure corresponding to a particular road. • c Cost function for the provision of a local public good. e Cost of providing a local public good. CBD • d D Central business district. Differential. Population density. DLR Aggregate differential land rent. • e Minimum expenditure function. E Minimum expenditure level. [; Economy. EDF Exponential density function. • f Function. F Function.
Journal of Urban Economics 26, 361-385. P. Mieszkowski and E. S. Mills, 1993, The Causes of Metropolitan Suburbanization. Journal of Economic Perspectives 7, 135-147. E. S. Mills, 1967, An Aggregative Model of Resource Allocation in a Metropolitan Area. American Economic Review 57, 197-210. E. S. Mills, 1972, Studies in the Structure of the Urban Economy. The Johns Hopkins University Press, Baltimore. E. S. ), 1987, Handbook of Regional and Urban Economics II: Urban Economics. North-Holland, Amsterdam.
These current research priorities have imposed on him and his students a big challenge. Several related works have appeared, based on a dynamic framework in which the urban system is evolving through time as the population grows. This subject however is beyond the scope of our book. Urban economics, regional science and geography have benefitted significantly from the recent crusade initiated by Krugman, a mainstream economist, set forth to convince the economics profession that the new economic geography should be accepted as a legitimate branch of economics with recognised achievements.