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The Urban Land Economics Tradition: How Heterodox Economic Theory Survives In The Real Estate Appraisal Profession

In: Wisconsin "Government and Business" and the History of Heterodox Economic Thought

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  • Ranney Ramsey

Abstract

This article identifies the concept of market value as a standardizing concept that coordinates the actions of market participants in relatively inefficient real estate markets. The paper also identifies different levels of discourse that reflect the organizational/institutional complexity of the real estate appraisal profession. The standardizing effect of market value includes a cognitive and fiduciary component. Using this framework, the paper traces the influence of Richard T. Ely’s institutional economics – and its legacy in the form of the research program of Urban Land Economics at the University of Wisconsin – on the formation and development of the standards of appraisal and ethical practice. This complexity is traced historically from the early part of the 19th century to the formation of the professional organizations and the establishment of their standards, and also through a series of reform efforts in the 1960s and 1980s that were articulated in the academic community. The paper illustrates the manner in which Institutional Economics has been influential in the continuing development of the real estate appraisal profession and suggests reasons for its continuing relevance.

Suggested Citation

  • Ranney Ramsey, 2004. "The Urban Land Economics Tradition: How Heterodox Economic Theory Survives In The Real Estate Appraisal Profession," Research in the History of Economic Thought and Methodology, in: Wisconsin "Government and Business" and the History of Heterodox Economic Thought, pages 347-378, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rhetzz:s0743-4154(03)22058-7
    DOI: 10.1016/S0743-4154(03)22058-7
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    Cited by:

    1. Manya Mooya, 2011. "Of Mice and Men: Automated Valuation Models and the Valuation Profession," Urban Studies, Urban Studies Journal Limited, vol. 48(11), pages 2265-2281, August.
    2. Stephan Bartke & Reimund Schwarze, 2021. "The Economic Role and Emergence of Professional Valuers in Real Estate Markets," Land, MDPI, vol. 10(7), pages 1-20, June.

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