Principles of Planning for Economists

Nikhil Kaza and Gerrit‐Jan Knaap

in The Oxford Handbook of Urban Economics and Planning

Published in print December 2011 | ISBN: 9780195380620
Published online September 2012 | | DOI:

Series: Oxford Handbooks

 Principles of Planning for Economists

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Planning approach is often characterized as stiffly regulatory while the market approach is characterized as more flexible. However, this article asserts that planning is not about market failures and regulatory remedies but can be better understood by several other economic principles. It argues that plans and planning make sense in situations where either single or multiple actors think before acting, using limited information. It considers planning as an action in light of other prior and subsequent actions and describes various economic theories and concepts under which planning can be understood. In each case, the article considers examples drawn from a variety of strands of literature that demonstrate analogous planning problems of firms, governments, and other agents and how they may be cast in a conventional economics framework.

Keywords: planning; market approach; regulatory remedies; economic principles; economic theories; analogous planning problems; conventional economics framework

Article.  9981 words. 

Subjects: Economics ; Urban, Rural, and Regional Economics

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