The Economics of Urban Renewal

Abstract

In light of two implications of urban renewal, it is not at all surprising that this phenomenon provides an excellent area for the application of welfare economics. These implications are: First, that the market mechanism has not functioned properly in urban property; and second, that positive action can improve the situation. The propositions of welfare economics provide some tools for judging public policy measures such as urban renewal. But since these propositions themselves are based upon ethical postulates, it seems desirable that we begin our discussion of urban renewal by stating explicitly what we consider the role of the economist to be in this situation. I

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