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Åke E. Andersson and David Emanuel Andersson

The duration of human life has been increasing steadily in most parts of the world for at least the past 50 years, and in many cases over a much longer time period. The well-known Preston Curve shows that the material standard of living as reflected in per capita real income is associated with the mean life expectancy, but with a weaker association at high levels of income. In this chapter we discuss the impact of a consumer’s choice on his or her life expectancy. In affluent societies, lifestyle choices have much greater effects on individuals’ lifespans: people have more discretionary income and infectious diseases are less prevalent. Affluent people therefore have far greater control over their own personal life expectancies than people in less fortunate circumstances. Although most people know that the composition of their diet and their drinking, smoking and exercise habits influence their life expectancies, genetic factors and interdependencies among health-affecting choices make such effects highly uncertain. Empirical studies nonetheless show that high education elasticities are associated with choices that increase the expected duration of life, perhaps because old age is less unattractive to people who derive utility from cerebral activities. Oeppen and Vaupel have shown that the Preston Curve underestimates long-term increases in life expectancy. We believe that the Preston Curve is shifting upward over time as a consequence of slow but persistent infrastructural improvements to public knowledge, communications and institutions. Our trend analysis of time use implies a long-run reduction of remunerative working time toward levels as low as 1,300 hours per year. This implies that we expect that the time allocated to work will drop to 7 or 8 percent of the 900,000 hours (102.7 years) of life that we expect in the most post-industrial regions in the very long run.

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Time, Space and Capital

New Horizons in Institutional and Evolutionary Economics

Åke E. Andersson and David Emanuel Andersson

In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
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Paul C. Cheshire and Christian A.L. Hilber

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Paul C. Cheshire and Christian A.L. Hilber

This important research review brings together seminal works investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and research. Recent work on the process and implications of 'land value capitalisation' and land use regulation is well represented, for due to capitalisation, land is responsible for far more of the distribution of real incomes than is widely recognised. This research review settles this, restoring the study of land markets to its rightful place – central to economic understanding.
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Paul C. Cheshire and Christian A.L. Hilber

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Paul C. Cheshire and Christian A.L. Hilber

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John Stanley, Janet Stanley and Roslynne Hansen

The way the spatial arrangement of land use and transport initiatives in a city can promote urban productivity growth has become a greater planning focus in recent years, building on work on ‘wider economic benefits’. The major part of this chapter looks at such macro-economic underpinnings of strategic urban land use transport planning and suggests how growing spatial understanding of such matters can be used to support urban productivity growth and the sharing of the benefits of this growth more widely among residents of the city. It does this by presenting detailed case study material from Melbourne and London. Similar broad structural economic influences are operating in both cities and the broad land use transport policy directions chosen by each have much in common. They differ, however, with respect to the role that knowledge clusters are being asked to play outside the central city. Planners need to be cognisant of how land use development directions can best play a supportive role in the circumstances of their particular city. The second part of the chapter looks at congestion costs, as an important micro-economic problem that has land use transport policy directions. The macro and micro parts are brought together in a discussion about land use transport policy and planning directions to enhance the external (productivity) benefits of a city and reduce various ‘external costs’.

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John Stanley, Janet Stanley and Roslynne Hansen

Strategic long-term land use transport plans need to be complemented by implementation plans, which explain how projects and programmes of works will be financed and funded. With substantial sums available internationally for the financing of good infrastructure projects, funding is generally seen as a more significant barrier to implementing long-term land use transport plans. This chapter, therefore, focuses on funding, which includes government funding, funding from service users and funding from other service beneficiaries, requiring a focus on identifying and valuing potential benefits and the associated beneficiaries. It approaches the topic primarily by considering how urban public transport services might be funded, in a wider setting in which cities commonly lack the autonomy to be financially independent. It looks at how public transport is funded in North American and Australian cities, identifies principles to help choose between alternative possible funding measures, elaborates a range of such measures and suggests how they might be bundled into funding packages. This bundling is illustrated for two scenarios: the first is where pricing measures are in place to ensure that road (car) users meet the various external costs associated with their travel choices, through marginal social cost pricing of road use; the second assumes a lack of such pricing of road (car) use.

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John Stanley, Janet Stanley and Roslynne Hansen

A broader scope for integrated land use transport planning increases the complexity of associated governance requirements, an area that good cities manage well. This chapter looks at horizontal and vertical integration and presents a number of international case studies to help inform practice. Horizontal integration seems to work best when there is a clear and unambiguous voice for the city, which also has benefits of transparency and accountability. This is easiest when there is a single local authority responsible for the city but alternative approaches are also examined, as are ways in which national/federal levels of government might engage with integrated urban land use transport planning (vertical integration). The chapter argues for devolution of more decision-making power and associated funding to neighbourhood level and points to the need for governance arrangements to support this change. Some of the proposed changes to governance arrangements would shake up the current power balance in land use transport policy and planning in some cities. Such change is likely to be more easily accomplished if the city is able to speak strongly for itself, is adequately resourced, a wide range of stakeholders is engaged in the process and all are able to operate from a position of trust. The chapter identifies some of the requirements in relation to trust.

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John Stanley, Janet Stanley and Roslynne Hansen

Access to secure, comfortable and affordable housing influences a person’s health and wellbeing, sense of belonging and ability to participate in society both socially and economically. The widening gap between household incomes and the rising cost of housing to buy or rent is emerging as a key issue in many cities. This chapter explores the nature and scale of housing challenges, looking at the supply and demand aspects, the spatial patterns of locational disadvantage and inequity triggered by the cost of housing, and the role that affordable housing plays in the productivity of a city and its economic competitiveness. With cities such as London, New York, Berlin and Melbourne experiencing shortages in housing supply (including social housing), there is an urgent need for governments to implement policies and initiatives which encourage more housing being constructed close to where job agglomerations exist, with good public and active transport. Various financial models, planning mechanisms and partnership arrangements aimed at providing more housing which is affordable to low and lower middle-income households and increasing the stock of social housing are examined. Unlocking the potential of government-owned land for affordable housing and higher-density mixed-use development, and innovation in housing design and building technologies are also discussed. A key challenge for governments is how to scale-up the affordable and social housing sectors to address issues of homelessness, overcrowding and spatial inequity within our cities.