This innovative Research Companion considers the history, nature and status of construction economics, and its need for development as a field in order to be recognised as a distinct discipline. It presents a state-of-the-art review of construction economics, identifying areas for further research.
Contributors explore topics that have been under-discussed in the literature, including the philosophy of construction economics and its practice in classical antiquity. Chapters also offer new takes on the development of the construction industry, the economics of housing, construction labour and the economics of informatics applications. Comprehensive in outlook, the Research Companion goes on to provide in-depth analyses of procurement, bidding, stakeholder management, construction data, transaction costs and sustainability in construction.
The Research Companion will be critical reading for scholars and students of construction economics, construction management, cost engineering, quantity surveying, urban economics and institutional economics. Its use of empirical research and exploration of the methods of analysis used in construction economics will also be beneficial for administrators of the construction industry and practitioners in these fields.
Contents:
Foreword xi
Preface xiii
1 Introduction to the Research Companion to Construction Economics 1
George Ofori
2 Construction economics: its origins, significance, current status and
need for development 18
George Ofori
3 The philosophy of construction economics 41
Stephen Gruneberg and John Kelsey
4 The nature and development of construction economics 61
Gerard de Valence
5 Construction economics in antiquity 86
Jan Bröchner
6 Construction in the economy and in national development 104
Jorge Lopes
7 Construction project economics 126
Nii A. Ankrah and Emmanuel Manu
8 Dynamics of construction industry development 153
Mohan Kumaraswamy and Gangadhar Mahesh
9 Applications of mainstream economic theories to the construction
industry: transaction costs 178
Abdul-Rashid Abdul-Aziz and Afzan Binti Ahmad Zaini
10 Construction industry and the Sustainable Development Goals (SDGs) 199
Alex Opoku
11 Sustainability economics and the construction industry 215
Obas John Ebohon
12 International construction data: a critical review 238
Jim Meikle and Asheem Shrestha
13 Measuring and comparing construction costs in different locations:
methods and data 261
Rick Best
14 New trends in international construction 277
Hongbin Jiang
15 Economics of trust in construction 309
Anita Cerić
16 The builders of cities: prospects for synergy between labour and the
built environment 328
Edmundo Werna and Jeroen Klink
17 Economic principles of bidding for construction projects 351
Samuel Laryea
18 Procurement and delivery management 371
Ron Watermeyer
19 The economics of housing policy and construction: developing
a responsive supply sector 396
Suraya Ismail
20 A review of stakeholder management in construction 422
Ezekiel Chinyio, Sukhtaj Singh and Subashini Suresh
21 The global construction market 445
Weisheng (Wilson) Lu and Meng Ye
22 Relational impacts of corruption on the procurement process:
implications for economic growth in developing countries 466
Albert P.C. Chan and Emmanuel Kingsford Owusu
23 Economic considerations in the procurement and deployment of
construction informatics applications 491
Chimay J. Anumba and Esther A. Obonyo
24 The future: new directions of construction economics research 514
George Ofori
Index
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