What price planning? Reimagining planning as “market maker”

Lord, A. and O'Brien, P. (2017) What price planning? Reimagining planning as “market maker”. Planning Theory and Practice, 18(2), pp. 217-232. (doi: 10.1080/14649357.2017.1286369)

Abstract

Planning has been widely vilified for the role it plays in disrupting the development process, hindering economic growth and creating the conditions for undersupply in housing markets, characterised by unaffordability. In this paper we hope to show that the analyses that support this view of planning are incomplete because of the theoretical limitations of the neoclassical tradition from which they emerge. By way of alternative we posit an account of planning that draws upon game theory and behavioural economics to explore those aspects of the activity that serve to animate the development process. This interpretation of planning as a “market maker” is explored through empirical case study research from three continental European contexts where planning is charged with playing an economically active role to control liquidity.

• Item Type: Articles
• Additional Information: The work reported in this paper was supported under the Royal Town Planning Institute’s SPIRe (Small Project Impact Research) programme.
• Status: Published
• Refereed: Yes
• Glasgow Author(s) Enlighten ID: O'Brien, Dr Philip
• Authors: Lord, A., and O'Brien, P.
• College/School: College of Social Sciences > School of Social and Political Sciences > Urban Studies
• Journal Name: Planning Theory and Practice
• Publisher: Taylor & Francis
• ISSN: 1464-9357
• ISSN (Online): 1470-000X
• Published Online: 01 March 2017
• Copyright Holders: Copyright © 2017 Informa UK Limited, trading as Taylor and Francis Group
• First Published: First published in Planning Theory and Practice 18(2): 217-232
• Publisher Policy: Reproduced in accordance with the publisher copyright policy