IDEAS home Printed from https://ideas.repec.org/a/sae/envira/v51y2019i1p11-24.html
   My bibliography  Save this article

Can the market be tamed? A thought experiment on the value(s) of planning

Author

Listed:
  • Alexander Lord
  • Yiquan Gu

Abstract

In many contexts across the globe, the scope and remit of planning is being limited. Much of the academic literature identifies this tendency as arising from a tension between planning as a state-regulatory activity and the tenets of neoliberalism – particularly free market competition. In this essay, we seek to explore the degree to which this perceived incompatibility between planning and the neoliberal order is genuinely real by running a thought experiment. We hope to show that thinking about the development process in this way points to alternative ways of imagining the scope and remit of planning – and how the normative principles at the core of the activity might be reconciled, or even extended, within the context of a neoliberal polity.

Suggested Citation

  • Alexander Lord & Yiquan Gu, 2019. "Can the market be tamed? A thought experiment on the value(s) of planning," Environment and Planning A, , vol. 51(1), pages 11-24, February.
  • Handle: RePEc:sae:envira:v:51:y:2019:i:1:p:11-24
    DOI: 10.1177/0308518X18784600
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0308518X18784600
    Download Restriction: no

    File URL: https://libkey.io/10.1177/0308518X18784600?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Bulan, Laarni & Mayer, Christopher & Somerville, C. Tsuriel, 2009. "Irreversible investment, real options, and competition: Evidence from real estate development," Journal of Urban Economics, Elsevier, vol. 65(3), pages 237-251, May.
    2. Michelle Baddeley, 2013. "Herding, social influence and expert opinion," Journal of Economic Methodology, Taylor & Francis Journals, vol. 20(1), pages 35-44.
    3. Claire Roberts & John Henneberry, 2007. "Exploring office investment decision‐making in different European contexts," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 25(3), pages 289-305, May.
    4. Perea,Andrés, 2012. "Epistemic Game Theory," Cambridge Books, Cambridge University Press, number 9781107401396, October.
    5. Nathan Marom & Naomi Carmon, 2015. "Affordable Housing Plans in London and New York: Between Marketplace and Social Mix," Housing Studies, Taylor & Francis Journals, vol. 30(7), pages 993-1015, October.
    6. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, October.
    7. Datuk Ary Adriansyah Samsura & Erwin van der Krabben & A.M.A. van Deemen & R.E.C.M. van der Heijden, 2015. "Negotiation processes in land and property development: an experimental study," Journal of Property Research, Taylor & Francis Journals, vol. 32(2), pages 173-191, June.
    8. Brigitte C. Madrian, 2014. "Applying Insights from Behavioral Economics to Policy Design," Annual Review of Economics, Annual Reviews, vol. 6(1), pages 663-688, August.
    9. Perea,Andrés, 2012. "Epistemic Game Theory," Cambridge Books, Cambridge University Press, number 9781107008915, October.
    10. Paul Cheshire & Stephen Sheppard, 2005. "The Introduction of Price Signals into Land Use Planning Decision-making: A Proposal," Urban Studies, Urban Studies Journal Limited, vol. 42(4), pages 647-663, April.
    11. Jiang Xu & Anthony G.O. Yeh, 2005. "City Repositioning and Competitiveness Building in Regional Development: New Development Strategies in Guangzhou, China," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 29(2), pages 283-308, June.
    12. Susannah Gunn & Jean Hillier, 2012. "Processes of Innovation: Reformation of the English Strategic Spatial Planning System," Planning Theory & Practice, Taylor & Francis Journals, vol. 13(3), pages 359-381.
    13. Cole, Daniel H. & Epstein, Graham & Mcginnis, Michael D., 2014. "Digging deeper into Hardin's pasture: the complex institutional structure of ‘the tragedy of the commons’," Journal of Institutional Economics, Cambridge University Press, vol. 10(3), pages 353-369, September.
    14. Fischer, Stanley, 1977. "`Long-term contracting, sticky prices, and monetary policy' : A comment," Journal of Monetary Economics, Elsevier, vol. 3(3), pages 317-323, July.
    15. Miguel Gómez-Antonio & Miriam Hortas-Rico & Linna Li, 2016. "The Causes of Urban Sprawl in Spanish Urban Areas: A Spatial Approach," Spatial Economic Analysis, Taylor & Francis Journals, vol. 11(2), pages 219-247, June.
    16. Daniel Stedman Jones, 2012. "Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics," Economics Books, Princeton University Press, edition 1, number 9827.
    17. Neil Brenner & Nik Theodore, 2005. "Neoliberalism and the urban condition," City, Taylor & Francis Journals, vol. 9(1), pages 101-107, April.
    18. Paul Cheshire & Stephen Sheppard, 2005. "Introducing Price Signals into Land Use Planning Decision-making - a Proposal," ERSA conference papers ersa05p42, European Regional Science Association.
    19. Saurabh Bhargava & George Loewenstein, 2015. "Behavioral Economics and Public Policy 102: Beyond Nudging," American Economic Review, American Economic Association, vol. 105(5), pages 396-401, May.
    20. Baptista, Rafa & Farmer, J. Doyne & Hinterschweiger, Marc & Low, Katie & Tang, Daniel & Uluc, Arzu, 2016. "Macroprudential policy in an agent-based model of the UK housing market," Bank of England working papers 619, Bank of England.
    21. Aidan While & Andrew E. G. Jonas & David Gibbs, 2004. "The environment and the entrepreneurial city: searching for the urban ‘sustainability fix’ in Manchester and Leeds," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 28(3), pages 549-569, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mouton, Morgan & Deraëve, Sophie & Guelton, Sonia & Poinsot, Philippe, 2023. "Negotiated windfalls: Mapping how public actors pursue and share land-value capture in Nanterre-la-Folie, France," Land Use Policy, Elsevier, vol. 131(C).
    2. O’Brien, Philip & Lord, Alex & Dembski, Sebastian, 2020. "How do planners manage risk in alternative land development models? An institutional analysis of land development in the Netherlands," Land Use Policy, Elsevier, vol. 91(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gu, Yiquan & Lord, Alexander & Eika, Anders & Dethier, Perrine & Samsura, D. Ary A. & Nordahl, Berit Irene & Sommervoll, Dag Einar & van der Krabben, Erwin & Halleux, Jean-Marie, 2021. "Fair shares? Advancing land economics through cooperative game theory," Land Use Policy, Elsevier, vol. 106(C).
    2. Sanjit Dhami & Emma Manifold & Ali al‐Nowaihi, 2021. "Identity and Redistribution: Theory and Evidence," Economica, London School of Economics and Political Science, vol. 88(350), pages 499-531, April.
    3. Pierfrancesco Guarino & Gabriel Ziegler, 2022. "Strategic Behavior under Context Misalignment," Papers 2205.00564, arXiv.org.
    4. Tsakas, Elias, 2014. "Epistemic equivalence of extended belief hierarchies," Games and Economic Behavior, Elsevier, vol. 86(C), pages 126-144.
    5. Heifetz, Aviad & Meier, Martin & Schipper, Burkhard C., 2019. "Comprehensive rationalizability," Games and Economic Behavior, Elsevier, vol. 116(C), pages 185-202.
    6. Joseph Y. Halpern & Yoram Moses, 2017. "Characterizing solution concepts in terms of common knowledge of rationality," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(2), pages 457-473, May.
    7. Guler Aras & Paul F. Williams, 2022. "Integrated Reporting and Integrated Thinking: Proposing a Reporting Model That Induces More Responsible Use of Corporate Power," Sustainability, MDPI, vol. 14(6), pages 1-19, March.
    8. Cai, Hongbin & Wang, Zhi & Zhang, Qinghua, 2017. "To build above the limit? Implementation of land use regulations in urban China," Journal of Urban Economics, Elsevier, vol. 98(C), pages 223-233.
    9. Jean-Michel Servet & Bruno Tinel, 2020. "The behavioral and neoliberal foundations of randomizations," Post-Print halshs-02562758, HAL.
    10. Stephan Schulmeister, 2018. "From Prosperity into the Crisis and Back. On the Role of Economic Theories in the Long Cycle," WIFO Working Papers 571, WIFO.
    11. Cheshire, Paul, 2009. "Urban land markets and policy failures," LSE Research Online Documents on Economics 30837, London School of Economics and Political Science, LSE Library.
    12. Paul C. Cheshire & Christian A. L. Hilber, 2008. "Office Space Supply Restrictions in Britain: The Political Economy of Market Revenge," Economic Journal, Royal Economic Society, vol. 118(529), pages 185-221, June.
    13. Paul Cheshire, 2009. "Urban Containment, Housing Affordability and Price Stability - Irreconcilable Goals," SERC Policy Papers 004, Centre for Economic Performance, LSE.
    14. Styhre Alexander, 2018. "The Making of the Shareholder Primacy Governance Model: Price Theory, the Law and Economics School, and Corporate Law Retrenchment Advocacy," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 8(3), pages 1-31, December.
    15. Hilber , Christian A. L. & Schöni, Olivier, 2016. "Housing Policies in the United Kingdom, Switzerland, and the United States: Lessons Learned," ADBI Working Papers 569, Asian Development Bank Institute.
    16. Tim Leunig & Henry Overman, 2008. "Spatial patterns of development and the British housing market," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 59-78, spring.
    17. Rachel Friedman & Gillad Rosen, 2020. "The face of affordable housing in a neoliberal paradigm," Urban Studies, Urban Studies Journal Limited, vol. 57(5), pages 959-975, April.
    18. C. J. Polychroniou, 2013. "Toward a Post-Keynesian Political Economy for the 21st Century: General Reflections and Considerations on an Era Ripe for Change," Economics Policy Note Archive 13-02, Levy Economics Institute.
    19. João Márcio Mendes Pereira, 2020. "The World Bank's ‘Assault on Poverty’ as a Political Question (1968–81)," Development and Change, International Institute of Social Studies, vol. 51(6), pages 1401-1428, November.
    20. Lorenzo Bastianello & Mehmet S. Ismail, 2022. "Rationality and correctness in n-player games," Papers 2209.09847, arXiv.org, revised Dec 2023.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:envira:v:51:y:2019:i:1:p:11-24. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.