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Spontaneous Catallaxis in Urban & Rural Development Under Planning by Contract in a Small Open Economy: The Ideas of Hayek and Mises at Work in Town & Country Planning in Hong Kong

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  • Lawrence Wai-chung Lai

Abstract

This paper discusses the espoused and actual achievements of government urban planning in Hong Kong in terms of the ideas of Hayek and Mises. With reference to observed facts, it is argued that it is indeed the spontaneous forces of the land market predicated on a leasehold system, a system of "planning by contract" or "planning by consent," that have attained what the government planner in Hong Kong has not been able to deliver.

Suggested Citation

  • Lawrence Wai-chung Lai, 2004. "Spontaneous Catallaxis in Urban & Rural Development Under Planning by Contract in a Small Open Economy: The Ideas of Hayek and Mises at Work in Town & Country Planning in Hong Kong," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(2_3), pages 155-186, June.
    • Handle: RePEc:kap:revaec:v:17:y:2004:i:2_3:p:155-186
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    Cited by:

    1. Lawrence W. C. Lai & Frank T. Lorne, 2006. "Planning By Negotiation For Sustainable Development: A Tale Of Two Habitats," Economic Affairs, Wiley Blackwell, vol. 26(1), pages 54-58, March.
    2. Lawrence Wai‐Chung Lai, 2005. "Planning By Contract: The Leasehold Foundation Of A Comprehensively Planned Capitalist Land Market," Economic Affairs, Wiley Blackwell, vol. 25(4), pages 16-18, December.
    3. Lawrence W C Lai & Kwong Wing Chau & Edward C Y Yiu & Kelvin S K Wong & Wah Sang Wong & Pearl Y L Chan, 2007. "Measuring and Interpreting the Effects of a Public-Sector-Led Urban Renewal Project on Housing Prices—An Empirical Study of a Comprehensive Development Area Zone Developed upon ‘Taking’ in Hong ," Environment and Planning B, , vol. 34(3), pages 524-538, June.

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