Abstract:
The theoretical foundations, or lack of, and the future development of construction
economics has been the subject of debate for some time. The purpose of the paper is to
explain the basis for these and argue for the importance of what is being called “modern
construction economics”. To make this argument the paper starts with two propositions.
The first proposition is that CE is a still-emerging field, and the second proposition is that
there is a clear difference between what has been known as building economics and what is
emerging as modern construction economics. From a review of contributions to the
construction economics literature and the discussion of these propositions, four recognised
paths to the future for CE are evident. Finally, the arguments for an alternative approach
conclude the paper.
