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Construction economics: its origins, significance, current status and need for development

In: Research Companion to Construction Economics

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  • George Ofori

Abstract

Construction Economics is an essential field of knowledge because of the importance of the construction industry in creating the infrastructure necessary for all activities, leading to economic growth and national development; and the uniqueness of the construction process and products. However, Construction Economics is not an established scientific discipline. What is Construction Economics? How has it developed? What are its principles, theories, concepts and techniques? What is its status; and what is its future? These key points on Construction Economics are discussed in this chapter. First, a discussion of the nature of Construction Economics is undertaken with a brief review of the historical development of the subject. Second, the components of Construction Economics, at the industry, company and project levels, are analysed, focusing on the major works, with examples from various countries. Finally, it is suggested that there is a need to develop the subject, and possible directions are discussed.

Suggested Citation

  • George Ofori, 2022. "Construction economics: its origins, significance, current status and need for development," Chapters, in: Research Companion to Construction Economics, chapter 2, pages 18-40, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19820_2
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