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The nature and development of construction economics

In: Research Companion to Construction Economics

Author

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  • Gerard de Valence

Abstract

Construction Economics investigates topics associated with the production and maintenance of the built environment and the economic role of the construction industry. The chapter reviews research in three areas identified by Hillebrandt (1974): the construction process; the construction firm; and the construction industry. The discussion is divided into three periods: 1974 to 1989 is one of emergence and establishment, as themes and topics are established, and the literature develops; 1990 to 2010 covers the expansion of Construction Economics as new approaches are applied to construction; and 2011 to 2020 brings the story to the present. In each period, contributions to the topics that research has covered are discussed, followed by an assessment of the development and contribution of Construction Economics. Construction Economics is multi-disciplinary and uses multiple models to disentangle and analyse issues associated with the construction industry in particular and the construction of the built environment more broadly.

Suggested Citation

  • Gerard de Valence, 2022. "The nature and development of construction economics," Chapters, in: Research Companion to Construction Economics, chapter 4, pages 61-85, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19820_4
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