Land Economics I

At the end of this course, students should be able to: 1. Understand the institutional and socioeconomic frameworks that regulate and control the use and development of land; 2. Understand how land is an economic resource; and 3. Become familiar with the use of the economic principles to develop and manage land use.

Meaning of land. Concept of rent. Land market, price determination, and location theory. Land resources requirements. Comparative and complementary land uses. Demand for land (local and global) and its relation to population and resources. Theories of consumption. Theories of income. Theories of land asset prices. Nature of land investment; decisions and appraisal. Divergence of private and social costs. Problems of resource allocation; conservation of land resources Concept of land use capacity. Concepts of highest and best use. Principle of comparative and absolute advantages; application in allocation of resources. Organization and its effects on values. Reasons for urbanization. Economic advantages and disadvantages of urbanization. Land use values and patterns; value determination. General patterns of land use within urban areas.