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Land development, externalities, and Pigouvian taxes

Article Abstract:

The effect of externalities on the development timing decision of urban land and the feasibility of corrective taxes are examined. The classical model states that the equalization of the growth rate of expected developed land values and the interest rate is the criterion for urban land development. However, positive externalities such as large open spaces, or negative externalities, such as congestion, cause the social optimal development timing decision to differ from that of the private developer. The paper studies the possibility of levying Pigouvian taxes or subsidies to encourage developers to make the socially optimal decision. Income and property tax or subsidy rates are calculated for both cases of negative and positive externalities, and their administrative and legislative implications are discussed.

Management, Planning, Economic aspects, City planning, Urban planning, Land use, Urban land use

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Growth and convergence in U.S. cities

Article Abstract:

A study examines the factors influencing growth and convergence in per capita incomes across metropolitan areas in the US within the context of highly integrated labor and capital markets. The investigation uses disaggregated data from a cross section of 282 cities in the country for the period 1960-82. It is demonstrated that the neoclassical growth model generates acceptable explanations for intercity convergence. One of the study's most significant findings is that between 1960 and 1977, real per capita incomes across metropolitan areas converged at the rate of 6% annually. However, this convergence has slowed down in recent years. The study fails to produce sufficient evidence that growth in per capita incomes over the periods investigated was influenced by state or local government investments.

United States

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Marshallian factor market externalities and the dynamics of industrial localization

Article Abstract:

Deterministic models of urban growth based on Marshallian labor market externalities are presented. The models are able to reproduce several phenomena of urban systems, including a wide variety of growth patterns followed by smaller urban areas, and a hierarchy of urban areas. Very unstable and fairly unpredictable patterns of urban growth are the result of local symmetric positive externalities of the labor market. Asymmetric externalities reduce some of the instability arising from the assumption of the existence of positive externalities.

Models, Externalities (Economics), Neoclassical economics

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