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Economics and underdetermination: a case study of urban land and housing economics

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  • Robert McMaster
  • Craig Watkins

Abstract

Underdetermination, associated with the Duhem--Quine thesis, is a familiar if under-researched theme in economics. In the light of this, we examine the development of urban land and housing economics. Through its Cartesian dualistic delineation of theory and data, the contemporary mainstream approach appears unable to circumvent the problem of underdetermination. In effect, it employs the strong version of Duhem--Quine in its retention of the assumption of a single, unitary competitive market (and associated access--space trade-off). Conversely, we highlight the affinity of Ely's (and the later Columbia School's) approach to pragmatists Dewey and Peirce, which provides a more fruitful basis for explanation. Copyright 2006, Oxford University Press.

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  • Robert McMaster & Craig Watkins, 2006. "Economics and underdetermination: a case study of urban land and housing economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(6), pages 901-922, November.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:6:p:901-922
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    File URL: http://hdl.handle.net/10.1093/cje/bej002
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    Cited by:

    1. Chris Foye, 2022. "Section 106, Viability, And The Depoliticization Of English Land Value Capture Policy," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 46(2), pages 269-286, March.
    2. Steffen Wetzstein, 2017. "The global urban housing affordability crisis," Urban Studies, Urban Studies Journal Limited, vol. 54(14), pages 3159-3177, November.
    3. Barrie Needham & Arno Segeren & Edwin Buitelaar, 2011. "Institutions in Theories of Land Markets: Illustrated by the Dutch Market for Agricultural Land," Urban Studies, Urban Studies Journal Limited, vol. 48(1), pages 161-176, January.
    4. Lukáš Kovanda, 2010. "Kritický realismus: ontologická báze postkeynesovské ekonomie [Critical Realism as an Ontological Basis of Post-Keynesianism]," Politická ekonomie, Prague University of Economics and Business, vol. 2010(5), pages 608-622.
    5. Adams, David, 2008. "Mapping out the regulatory environment and its interaction with land and property markets," Energy Policy, Elsevier, vol. 36(12), pages 4570-4574, December.

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