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Built environment as the product of a complex interaction of political, social, economic and cultural processes. The outcomes of planning policies depend directly on how those processes are played out. For planners to be effective they have to understand those processes and explore the opportunities they might present Buildings and built structures reflecting: planning and other policies technologies of design and construction nature of the demand for space from users methods of financing development nature of the market for land and buildings tax and legal regimes affecting property ownership and use cultural attitudes towards buildings and urban space Neo-classical economics Concern with formation and movement of prices and how this shapes decisions of consumers and producers Individualistic (economy is about individuals freely making rational choices) Optimising behaviour of individuals as basis for demand-supply theory Individual preferences translated into prices (subjective preference) Focus on equilibrium = the most efficient allocation of resources Free competition as a requirement Roles for planning & public sector intervention Efficient allocation cannot be achieved artificially through State interference: market mechanisms should be left to take their course. However: sometimes imperfect competition in land and property markets: Asymmetry of information Uniqueness of location Roles for State and planning: eliminating blockages to an efficient functioning of markets such as constraints on supply, restrictions on demand To provide a stable framework for the market to operate To provide a few products which might not be entirely compatible with market-led production (public goods and similar goods for which it is very difficult to charge users for their use Welfare economics Concern with the functioning of National economies, and with distribution of wealth Dissociation of production from distribution of wealth: Production dictated by technology, organised through price mechanisms Distribution regulated by social conventions, power, etc: Levels of consumption of population as key to national wealth. Strong belief in social engineering through State action State provision of basic welfare: securing equitable distribution of the nations wealth freeing disposable incomes for consumption State as large consumer of inputs Roles for planning & public sector intervention This is the approach that secured the birth of planning systems Spatial policy focus on: Housing provision (and access to it) as important part of welfare system: Regional imbalances affecting productivity and well-being: regional policies Spatial organisation of activities and of daily life Major infrastructure networks as instruments of spatial policy Clear role for Planning: promoting equity, efficiency and (more recently) sustainability of the built environment - in the public interest Controlling timing, form and location of private development to secure economic, social and environmental policy outcomes Redistributing value created by society, which otherwise would be appropriated by individuals (e.g.