ABSTRACT
Where, then, is building economics research now? The most descriptive answer is probably: ‘in total confusion’. The confusion starts with the variety of opinions about what is covered by the concept ‘building’ economics. To some it is a science, a branch of conventional economics, distinct only in the way it is focused on various aspects of the built environment. To others, it is a set of techniques for estimating, valuing and evaluating the output of the construction industry.1 Most of us probably fit in somewhere between these two extreme views – just as conventional economics incorporates also a number of techniques such as Discounted Cash Flow analysis or the construction of index numbers, so can building economics when based on conventional economic theory – but it’s my feeling that over the last 20-25 years there has been a quite considerable move towards seeing building economics primarily as derived from and being a part of general economics.
