chapter  4
15 Pages

The Theory of Supply

As the chapter Summaries to Review may suggest, the theory of supply involves a similar approach to that of the previous chapter on demand and, to some extent, this gives us an intellectual start. We will not, however, fully appreciate the suppliers’ side of the market until we reach the end of the text; especially as it is not until the next chapter that we explore the complex chain of events that link those involved in the development, construction, and use of property. It will quickly become apparent that the relationships between these different groups are fragmented and that each market is supplied by a distinct group of agents with their own codes of conduct.