beschrecart

Bringing the Environment In From the Cold

Thomas Power — Thu, 16 May 2013 05:11:31 PDT

The aim of this essay is to present an overview of some of the basic concepts underlying the mainstream approach to the role of economics in the analysis of the causes and treatment of environmental degradation. It evaluates the mainstream view depicted by Helm and Pearce and analyses economic externalities in context, conventional economic approaches and imperfect information.

Ecology, Morality and Synergism

Thomas Power — Thu, 16 May 2013 05:04:47 PDT

This short essay looks at the views of unorthodox members of three professions. Richard Douthwaite an anti-growth economist, James Lovelock a "mythical" scientist, and Yoneji Masuda, a Japanese guru of the Information Technology age. All three assume a re-orientation of human thinking. Douthwaite's "moral society", Lovelock's "ecological society" and Masuda's "synergistic society" have little basis in reality, despite their intrinsic appeal. Despite the "high knowledge consumption" of an information age, predicted by Masuda, history teaches us that knowledge has always been used by man to gain power and not to better the lot of mankind. There is no reason to suppose that, in the information age, man will behave any differently than he has down through the ages. The new wealth (knowledge) will, most likely, be appropriated by the rich and powerful. Altruism has rarely been an outstanding attribute of the powerful classes. It is more probable that the diffusion of computers notwithstanding, control of the information systems of the future will remain in the hands of some central authority. This would lead to less, rather than more, autonomy for the individual.

Lessons for NAMA from Valuation Practices

Thomas Power — Thu, 16 May 2013 04:54:24 PDT

By adopting accounting values and not economic value, auctioneers and valuers contribute to property market inefficiency. The reaction to this global financial and real asset meltdown is for tighter regulation. But the difficulties now being experienced in global asset markets are not new– it’s just that it is much bigger. The common denominator is accounting based valuations.

NAMA versus Nationalization – How to Deal with the Banks’ Toxic Loans?

Thomas Power — Thu, 16 May 2013 04:47:14 PDT

Banks are indispensible to the efficient functioning of the economy. Right now they are unable to carry out their normal functions (e.g. providing lines of credit to individuals and business) because they are underfunded. They are rationing credit because they do not have enough funds. The funds they need to lend to borrowers come from deposits, equity and bonds. During the ‘boom period’ banks did not have enough funds from deposits and had to rely on the inter-bank market to borrow the funds they needed in order to lend. According to the Central Bank ‘net foreign liabilities’ of commercial banks in Ireland, (a proxy for bank borrowing from other banks and the international market, rose from 10% of GDP in 2002 to 60% of GDP in 2007. To borrow this money the banks issued bonds or IOUs. (Incidentally, analogies with the Swedish experience are misleading because Swedish banks at the time were not exposed to inter-bank lending).

Tax Treatment Encourages Residential Investment

Thomas Power — Thu, 16 May 2013 04:37:35 PDT

The economic survey on Ireland by the OECD (issue 5 2008) proposed phasing out policies that distort the housing market, which in turn could help to dampen future housing cycles and maintain competitiveness in the economy.

Specifically it suggests that tax breaks favouring owner occupation contributes to making housing expensive and that these effects could be reduced either by “limiting mortgage tax relief… or by implementing a property tax”.

Global Macroeconomic Trends

Thomas Power — Thu, 16 May 2013 04:24:42 PDT

The business of real estate is but a subset of the wider investment markets and macroeconomic trends will significantly shape the way real estate investment decisions are made. The McKinsey Institute is a global economic consultancy firm providing cutting-edge research on a wide range of macroeconomic and business trends. This article reviews macroeconomic trends that they believe will transform the global economy. McKinsey research show that “over two-thirds of organic growth of western companies can be attributed to being in the right markets and geographies” and “companies that ride the tide succeed and those that swim against it usually struggle” (Davis and Stephenson 2006). Identifying these trends will help organizations and corporations navigate their way to success.

Motorists Will Have to Pay for the Cost of Congestion

Thomas Power — Thu, 16 May 2013 01:39:10 PDT

The available road space (the scarce resource) is currently allocated by one’s willingness to sit in traffic jams. The costs incurred in sitting in traffic jams benefits no one – it is pure deadweight loss. The solution is to get the motorist to pay the social cost (marginal congestion cost). By pricing the cost of this traffic congestion in euro, this money could be collected and put to good use, perhaps on improving public transport.

Real Estate Tax Credits and other Financial Incentives for Investing in Historic Property in the United States

Tracy Pickerill et al. — Fri, 08 Mar 2013 04:25:13 PST

This paper examines the legislative and administrative background for designating historic property for protection in the United States (US) and their rehabilitation against a whole series of financial inducements and mechanisms. The preservation of heritage buildings in the US forms an integral part of the property market. Market forces and government regulations in the form of preservation law, standards for rehabilitation and the revenue code dictate the success or failure of renovating historic buildings. At all levels of governments (federal, state and local) there has been a growing reluctance in recent years to increase regulatory burdens and fiscal constraints on private citizens. A number of incentives including tax credits, abatements and freezes, direct grant aid, debt financing support, revolving funds, revenue raising bond schemes and various other programmes are examined. The economic benefits associated with such incentives have been scrutinised from the evidence of a number of studies.

A Review of Fiscal Measures to Benefit Heritage Conservation

Tracy Pickerill et al. — Thu, 07 Mar 2013 08:10:40 PST

This research paper explores to use of fiscal incentives for heritage conservation in a range of countries in Western Europe (Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Spain and the United Kingdom) and North America (Canada and USA), to see how they are used and how effective they are.

The main incentives are:

Income tax deductions and credits for costs incurred in heritage conservation activity;
Income tax credits for the provision of social housing in heritage buildings;
Property tax exemption, abatement or freeze for heritage buildings;
Value added (sales) tax concessions or rebates relating to heritage conservation activity;
Use of tax systems to provide an incentive to donations and corporate sponsorship activity through the establishment of heritage trusts and foundations;
Inheritance, gift and capital gains tax exemptions and concessions.

A key message to emerge from this research is that fiscal measures have a key role to play in heritage conservation, by providing incentives to owner-occupiers, investors and developers without requiring actual expenditure by government. The multiplier effects of expenditure on heritage conservation means that the income foregone by government in providing these incentives can be recouped through increased tax revenue, through the positive impact that heritage conservation has on neighbourhood revitalisation.

Henrietta Street Conservation Plan

Tracy Pickerill et al. — Thu, 07 Mar 2013 08:10:38 PST

The objectives behind the Henrietta Street Conservation Plan are to re-affirm the significance of Henrietta Street; to identify the issues that undermine the importance of the street and to set out policies aimed at protecting the aspects of the street which are of importance into the future.Dublin City Council & The Heritage Council

Strategic Planning in Construction Professional Service Firms: a Study of Irish QS Practices

Roisin Murphy — Wed, 14 Nov 2012 02:14:44 PST

The role and usefulness of strategic planning has been documented over several decades of strategic management research. Despite the significant body of existing knowledge in the field of strategic planning, there remains limited empirical investigation of the construction sector, specifically professional service firms operating within it. The construction sector is hugely important to the Irish economy, yet until now, no empirical investigation has been undertaken to determine the strategic planning process in construction professional practices in Ireland. A two-phase mixed methods study was undertaken to ascertain the extent of strategic planning within Quantity Surveying practices in Ireland. Characteristics of the strategic planning process differ between practices to such a degree that three groups of practices are apparent. Groups are differentiated along dimensions of size and ownership structure, which influence the generic strategies and competitive positioning of practices. Strategic planning process formality and the existence of a written plan are positively associated with large practices that form part of a global organisation. Informal strategic planning is undertaken in practices without a written strategic plan but tends to be tactical (project-based) rather than strategic in nature. The realisation of the need for systematic strategic planning in QS practices is, however, beginning to emerge, given the turbulent environment within which the firms are competing. While, the conclusions drawn are specific to the QS profession, the research has been designed such that it has potential to be applied to other professional practices.

Climate Change and the Conservation of Archaeological Sites: a Review of Impacts Theory

Caithleen Daly — Tue, 05 Jun 2012 05:32:03 PDT

This article identifies the current state of knowledge in the literature regarding the possible impacts of future climatic change on archaeological sites and ensembles. Drawing on the literature review a matrix of potential impacts is collated to provide a simplified overview. This theoretical ‘menu’ is then tested by applying it to a vulnerability assessment of the World Heritage site of Skellig Michael in Ireland. The case study results reveal some knowledge gaps, particularly in regard to the impacts of climate change on buried archaeological remains.

Smart Growth: A Buffer Zone Between Decentrist And Centrist Theory?

Lorcan Sirr et al. — Tue, 06 Mar 2012 09:38:36 PST

The context for planning at the turn of the 19th century, in a newly industrialized world, was based on the need to find solutions to overcrowding and dire urban conditions. Planning decisions made in the post-World War II period were primarily motivated by the desire to reconstruct war torn cities. The forces of influence for planning and development in modern advanced capitalist societies are arguably set within the context of sustainable development. Many developed countries have witnessed a dramatic change in their territorial structures. Urban centres are extending into rural areas and surrounding hinterland, where large tracts of land are being developed in a ‘leapfrog’ low-density pattern. Urban sprawl is the outcome of both statistical realities such as population growth and the psychological catalyst that ‘quality of life’is superior in the suburbs. This change has brought with it challenges commonly associated with unpredicted growth: traffic congestion, restricted access to education and a perceived lack of affordable housing. Smart growth, as an alternative philosophical and methodological approach towards urban planning may provide the antidote for the negative effects of urban sprawl. This paper examines the underlying theory of decentrist and centrist development and the emergence of the smart growth movement as the antonym of urban sprawl.

Futures Thinking for the Built and Human Environment: the Prospective Process Through Scenario Thinking for the Built and Human Environment: a Tool for Exploring Human Futures

John Ratcliffe et al. — Tue, 06 Mar 2012 02:26:32 PST

We are currently living through an era where we can, and need to, create exciting new possibilities in the way we think about, plan, design and build new places and spaces for working and living. At the same time, two irresistible forces – change and complexity – face decision-makers charged with framing and executing future policy and practice for the built and human environment. This paper generally argues the case for employing a ‘prospective’ process through scenario thinking for strategic planning and management in the urban arena. It does not attempt to identify or explore the advances made in planning for built and human environment over recent years or the promise of those to come. Rather, it describes and promotes a methodology which helps organisations, such as those involved in the formation of the urban environment, to learn their way into the future in a complex and changing world of uncertainty and ambiguity.

Grade Inflation in The School of Real Estate and Construction Economics

Dermot Kehily — Mon, 27 Feb 2012 07:51:15 PST

Going Green

Dermot Kehily — Mon, 27 Feb 2012 07:27:53 PST

Managing an Unstable Housing Market

Brendan Williams et al. — Fri, 13 May 2011 02:38:03 PDT

Abstract
In this paper it is intended to place the recent experience of the Irish housing market in the context of economic and property market cycles, how these interact over a property cycle and lessons from recent policy experience including interventions in the housing area. In spatial terms the current
housing market can be seen as the result of an ad-hoc development led urban growth pattern which contributed to a dispersed development pattern with problems in oversupply. It is clear that alternative options exist to this approach and that evidence based management systems in terms of planning, development and financial decisions will be required to reduce the severity of future property market corrections. The incidence of rapidly increasing residential property prices has been a feature of many international economies in the past decade. This has resulted in house price surges and corrections across much of the industrialised world. Factors associated with such surges include growth in housing demand often supported by relaxed monetary policy stances, planning and zoning systems and fiscal regimes which encourage the investment in residential property acquisition and
development. The falling prices for housing in Ireland in 2007-2010 nationally has created a stagnating effect with purchasers reluctant to enter the market while the price correction is worked through. In turn suppliers, construction interests and vendors are highly reluctant to accept lower bid prices in the market due to often unrealistic expectations created during the long boom. The result of oversupply is falling prices, reduced occupation demand and decreased investor demand, leading to lower building activity and profitability. In addition the banking and liquidity crisis have contributed to a radical deterioration in economic circumstances and increasing out-migration. As part of the Urban Environment Project at UCD this working paper considers the current evidence of a market correction and oversupply in the Dublin region and Ireland based on data available up to March 2010 including the authors’ working projections for 2010.

Land Value Taxation: Persuasive Theory but Practically Difficult

Tom Dunne — Wed, 26 Nov 2008 07:53:23 PST

While the theoretical case for Land Value Taxation is regarded as being very persuasive, most people looking closely at the idea form the view that the practical difficulties of introducing it into an established modern economy are compelling. Nevertheless, in Europe and America the ideas put forward by George continue to influence many people discussing issues around land use planning, urban development and methods of funding infrastructure and local government.