ABSTRACT
INTRODUCTION Work by many construction economists has been directed towards cost and time prediction in construction projects, along with macroeconomic applications. While part of this orientation can be explained by linkages to the teaching of estimating and scheduling, the question is posed whether construction economics can be instrumental in reforming construction. The development of information and telecommunications technologies as well as deregulation in many countries are identified as two forces of change that jointly explain recent vertical disintegration and horizontal integration in construction-related industries. In addition, theories of industry economics have changed and developed new approaches to information, institutions and incentives.
