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What rights does the state have over privately owned land? Why should some landowners be favoured over others? How can the practice of land-use planning be improved? This book addresses these essential questions and shows that the interests people have in property rights over land and buildings are not just emotional but often financial too. It follows that the law, which affects who has property rights, what those rights are and how they may be used, can have great financial consequences for people and great economic consequences for society in general. For those reasons, looking at land-use planning as it affects and is affected by property rights illuminates some core aspects of land-use planning, including the law, economics, ethics and ideology. In this book, Needham examines those aspects from the clear perspective of property rights.
This book highlights the complex financial, personal, legal, ideological and societal aspects of land-use, and how it influences and is influenced by property rights.
Planning, Law and Economics sets out a new framework for applying a legal approach to spatial planning, showing how to improve the practice and help achieve its aims. The book covers planning laws, citizens' rights and property rights, asking ‘What rules do we want to make and, where necessary, enforce? And how do we want to apply them in planning practice?’ This book sets out, in general and illustrated with concrete examples, how the three types of law mentioned above are unavoidably involved in all types of spatial planning. The book also makes clear that these laws can be combined in different ways, each way a particular approach to the practice of spatial planning (regulative planning, structuring markets, pro-active planning, collaborative planning, etc.). Throughout, the book shows what legal approaches can be taken to spatial planning, and uses a four-part framework to evaluate the effects of choosing such an approach. The spatial planning should be effective, legitimate, morally just and economically sound. In particular the book details why the economic effects for society are important and how spatial planning affects how the economic resources of land and buildings are used. The book will be invaluable to students and planners to understand the relationship between their actions and the basic principles of the rule of law in a democratic, liberal society.
"Zoning has for a century enabled cities to chart their own course. It is a useful and popular institution, enabling homeowners to protect their main investment and provide safe neighborhoods. As home values have soared in recent years, however, this protection has accelerated to the degree that new housing development has become unreasonably difficult and costly. The widespread Not In My Backyard (NIMBY) syndrome is driven by voters’ excessive concern about their home values and creates barriers to growth that reach beyond individual communities. The barriers contribute to suburban sprawl, entrench income and racial segregation, retard regional immigration to the most productive cities, add to national wealth inequality, and slow the growth of the American economy. Some state, federal, and judicial interventions to control local zoning have done more harm than good. More effective approaches would moderate voters’ demand for local-land use regulation—by, for example, curtailing federal tax subsidies to owner-occupied housing"--Publisher's description.
This volume embodies a problem-driven and theoretically informed approach to bridging frontier research in urban economics and urban/regional planning. The authors focus on the interface between these two subdisciplines that have historically had an uneasy relationship. Although economists were among the early contributors to the literature on urban planning, many economists have been dismissive of a discipline whose leading scholars frequently favor regulations over market institutions, equity over efficiency, and normative prescriptions over positive analysis. Planners, meanwhile, even as they draw upon economic principles, often view the work of economists as abstract, not sensitive to institutional contexts, and communicated in a formal language spoken by few with decision making authority. Not surprisingly, papers in the leading economic journals rarely cite clearly pertinent papers in planning journals, and vice versa. Despite the historical divergence in perspectives and methods, urban economics and urban planning share an intense interest in many topic areas: the nature of cities, the prosperity of urban economies, the efficient provision of urban services, efficient systems of transportation, and the proper allocation of land between urban and environmental uses. In bridging this gap, the book highlights the best scholarship in planning and economics that address the most pressing urban problems of our day and stimulates further dialog between scholars in urban planning and urban economics.
This book considers three relationships: law and economics; economics and game theory; and game theory and law. Economists teach lawyers that economic principles cut across and integrate seemingly different legal subjects such as contracts, torts, and property. Correspondingly, lawyers teach economists that legal rationality is a separate and distinct decision-making process that can be formalized by behavioral rules that are parallel to and comparable with the behavioral rules of economic rationality, that efficiency often must be constrained by legal goals such as equal protection of the laws, due process, and horizontal and distributional equity, and that the general case methodology of economics vs. the hard case methodology of law for determining the truth or falsity of economic theories and theorems sometimes conflict. Economics and Game Theory: Law and economics books focus on economic analysis of judges’ decisions in common law cases and have been mostly limited to contracts, torts, property, criminal law, and suit and settlement. There is usually no discussion of the many areas of law that require cooperative action such as is needed to provide economic infrastructure, control public “bad” type externalities, and make legislation. Game theory provides the bridge between competitive markets and the missing discussion of cooperative action in law and economics. How? Competitive markets are examples (subset) of the Prisoners’ Dilemma, which explains the conflict between individual self-interested behavior and cooperation both in economic markets and in legislative bodies and demonstrates the need for social infrastructure and regulation of pollution and global warming. Game Theory and Law: Lawsuits usually involve litigation between two parties, not the myriad participants in markets, so the assumption of self-interest constrained by markets does not carry over to legal disputes involving one-on-one bargaining in which the law gives one party superior bargaining power. Game theory models predict the effect of different legal institutions, rights, and rules on the outcome of such bargaining. Game theory also has a natural four-model framework which is used in this book to analyze the law and economics of civil obligation, which consists of torts (negligence), contracts, and unjust enrichment.
Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. This provocative book debunks the simplistic view of law’s instrumental function for financial market development and economic growth. Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Their groundbreaking findings show that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics. Innovative and insightful, Law and Capitalism will change the way lawyers, economists, policy makers, and business leaders think about legal regulation in an increasingly global market for capital and corporate governance.
In a concise, compelling argument, one of the founders and most influential advocates of the law and economics movement divides the subject into two separate areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, strain, “economic analysis of law,” examines the legal system in the light of economic theory and shows how economics might render law more effective. The second strain, law and economics, gives equal status to law, and explores how the more realistic, less theoretical discipline of law can lead to improvements in economic theory. It is the latter approach that Judge Calabresi advocates, in a series of eloquent, thoughtful essays that will appeal to students and scholars alike.
This comprehensive yet concise textbook is the first to provide a focused, subject specific guide to planning practice and law. Giving students essential background and contextual information to planning’s statutory basis, the information is supported by practical and applied discussion to help students understand planning in the real world. The book is written in an accessible style, enabling students with little or no planning law knowledge to engage in the subject and develop the necessary level of understanding required for both professionally accredited and non-accredited courses in built environment subjects. The book will be of value to students on a range of built environment courses, particularly urban planning, architecture, environmental management and property-related programmes, as well as law and practice-orientated modules.