ABSTRACT
Introduction Cairncross (1982), in his Introduction to Economics, expresses his view that ‘economics is really not so much about money as about some things which are implied in the use of money. Three of these - exchange, scarcity and choice - are of special importance’. Legal interests in land and buildings, which for our purposes will be known as property, are exchanged for money and are scarce resources. Those individuals fortunate to have surplus money have to make a choice between its alternative uses. If they choose to buy property they will have rejected the purchase of many other goods, services, alternative investments such as stocks and shares, or of simply leaving it in a savings account or doing nothing. Having chosen to use their surplus money to purchase property, they will then have to make a choice between different properties. Individuals investing in pension schemes, endowment or with profits life assurance policies are entrusting their money to others to make similar choices on their behalf.
