Future Paths for Construction Economics

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.