Economic Theory and the Construction Industry

PATRICIA HILLEBRANDT is a Senior Visiting Research Fellow at the University of Reading and, since 1967, an economic and management consultant on the construction industry. She has previously been employed as an economist to the contracting company Richard Costain Ltd, at the National Economic Development Office, and as Senior Lecturer at the Bartlett School of Architecture and Planning, University College London. She has been a consultant to many international and governmental organizations, including the UK Ministry of Overseas Development, the World Bank, the International Labour Organization and DANIDA, the Danish aid organization. She is the author of several books on the contruction industry, including Analysis of the British Construction Industry, and the author or editor (with others) of several books on the way contractors take their management decisions.

• Preface to the First Edition Preface to the Second Edition Preface to the Third Edition Abbreviations and Acronyms PART I: INTRODUCTION The Nature of Construction Economics Some Basic Concepts in Economics The Construction Industry and the Economy PART II: THE DEMANDS ON THE CONSTRUCTION INDUSTRY Introduction Demand for Housing Demand for Industrial and Commercial Building Demand for Social Type Construction Demand for Refurbishment, Repair and Maintenance How Demand is Put to the Industry PART III: THE SUPPLY OF CONSTRUCTION Introduction Objectives of the Firm Costs of the Construction Firm Market Supply Curves Equilibrium in Various Market Situations Demand Curves Facing the Individual Firm Price Determination for a Single Project Conclusions on Costs, Revenue and the Equilibrium of the Contracting Firm PART IV: BROADER ISSUES Introduction Choice of Inputs and Capacity: The Project, the Firm and the Industry Markets and Strategy Appendix A: Indifference Curve Analysis Applied to the Demand for Housing Appendix B: Degree of Potential Surprise Analysis of Tendering References Index