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Classical economics recognizes three categories of inputs into production: land, labor, and capital goods. The three factors are also germane to Austrian economics.

This paper gives an account of important aspects of Smith’s methods in An Inquiry Concerning the Nature and Causes of the Wealth of Nations (WN). I reinterpret Smith’s distinction between natural and market prices, by focusing on Smith’s account of the causes of the discrepancies of market prices from natural prices. I argue that Smith postulates a “natural course” of events in order to stimulate research into institutions that cause actual events to deviate from it. Smith’s employment of the fiction of a natural price should, thus, not be seen merely as an instance of general or partial equilibrium analysis, but, instead, as part of a theoretical framework that will enable observed deviations from expected regularities to improve his theory. For Smith theory is a research tool that allows for a potentially open-ended process of successive approximation. These are the Newtonian elements in Smith. I provide evidence from Smith’s posthumously published Essays on Philosophical Subjects (EPS, 1795), especially “The History of Astronomy” (“Astronomy”), that this accords with Smith’s views on methodology.¹ By way of illumination, Smith’s explanation of the introduction of commerce in Europe is contrasted with that of Hume as presented in “Of Commerce.” I argue that Smith’s treatment is methodologically superior.

Homelessness has many causes and also is stigmatized in the United States, leading to much misunderstanding of its causes and what policy solutions may ameliorate the problem. The problem is of course getting worse and impacting many communities far removed from the West Coast cities the authors examine in this study. This analysis examines the socioeconomic variables influencing homelessness on the West Coast in recent years. The authors utilize a panel fixed effects model that explicitly includes measures of healthcare access and availability to account for the additional health risks faced by individuals who lack shelter. The authors estimate a spatial error model (SEM) in order to better understand the impacts that systemic shocks, such as the COVID-19 pandemic, have on a variety of factors that directly influence productivity and other measures of welfare such as income inequality, housing supply, healthcare investment, and homelessness.

Since 1997, a quantitative revolution has swept Korean economic history and generated a new paradigm. From 1700 to 1900 the Korean economy expanded and contracted along lines suggested by Adam Smith. Economic expansion was based on productive land and a stable commodity market. The direct result was high real skilled wages. Economic contraction became clear from the mid-nineteenth century when the value of land declined, commodity prices rose, and real skilled wages fell. The contraction was apparent before the appearance of Japanese imperialism and the absorption of Korea into the international commodity market after 1876.

This chapter provides a critical examination of the urban renewal process currently taking place in inner-city Johannesburg. It evaluates the effects of an approach to providing social housing which blends commercial, market-based practices with state intervention and regulation and discusses the implications these competing imperatives have for the area and academic understandings of urban renewal.

Findings are based on a qualitative research process, carried out over 9 months in inner-city Johannesburg. Research involved interviews with property developers, housing providers, government officials, and tenants living in renovated social and affordable housing developments.

The process is contradictory and overburdened, and attempts to fulfill competing goals and agendas. Some developmental ambitions are being realized as the supply of social and affordable housing is expanding. However, the benefits are limited, as poor communities are being displaced and, in many cases, commercial concerns trump social and developmental considerations.

Findings highlight the ways in which a range of political circumstances, policy decisions, and spatial conditions combine to create an approach to renewal which is neither entirely neoliberal nor developmental. The case study complicates narratives which stress the global dominance of neoliberal approaches to urban renewal and demonstrates that alternative developmental ambitions exist alongside commercial practices.

The chapter highlights the ambiguity and hybridity of localized approaches to housing provision. In doing so it adds nuance to debates about urban processes around the globe and draws attention back to the uncertainty, agency, and diversity which are continuously shaping urban societies.

The real estate industry has rapidly changed due to technological advances across residential and commercial real estate from the perspective of occupiers, investors, and service providers. Owners and buyers of properties have access to increasing information in the marketplace, including access to residential real estate platforms such as Zillow. Automated appraisals and artificial intelligence (AI) in the mortgage application process speed up home buying. Commercial real estate uses fintech to source deals, perform due diligence, and execute property management requests. This chapter includes a practitioner's view of the current and future information data needs, processes, and point solutions in the evolving technology landscape, including how tools such as ChatGPT apply. It concludes that the real estate fintech revolution has only begun, as data gaps in the real estate market require resolution before yielding better process automation and as the business model of real estate service providers shifts to strategic advisory roles.

The purpose of this chapter is to analyze the evolution in the provision of public services’ delivery, with a specific focus on housing policies. New practices are being implemented, thanks to the cooperation of the public sector, private, and nonprofit actors. Rather than just providing assistance to households with income levels falling below specific thresholds, social housing addresses the broader and more complex areas of vulnerability that affect several categories, such as single parents, young students and professionals, and temporarily unemployed people. Co-production also comes into the picture, since many social housing projects require that beneficiaries contribute to the implementation of the project itself, for example by managing the buildings and common areas or by creating communities.

The chapter will start from considerations on the emergence of new housing needs. It will then review the literature on the concept of co-production of public services and provide a definition of social housing. Then, examples of social housing will be analyzed based on specific criteria derived from the literature and the theoretical framework. The methodology is qualitative and based on descriptive case analysis.

The chapter analyzes the evolution of public housing policies by taking into account the social and economic changes that have determined greater and more complex areas for public intervention, adopting a twofold approach of partnership and collaboration between the three sectors, and of co-production of public services by directly engaging the users.

We study ceremonial adoption of voluntary standards, where participants adopt the standard in principle but do not change their practices. Ceremonial adoption can benefit individual participants, who may be able to reap the benefits of association with the standard at lower cost, but it can be problematic for overall levels of adoption. We conceive of ceremonial adoption as an interaction between strategic incentives of participants and social ties to their audiences, such that not all participants are likely to ceremonially adopt. Our setting is the Leadership in Energy and Environmental Design (LEED) certification for sustainable construction. We study the conditions under which projects register for LEED certification, allowing them to claim affiliation with LEED, but then do not actually finish certification. While our data are correlational in nature, our results suggest that studying the competition for audience members (in our case, occupants) can provide greater understanding of certification behavior as well as overall levels of adoption. Our findings have implications for organizations that design and maintain voluntary standards and for organization theorists who wish to understand field-level change. Thus, we provide more evidence that strategy and organizational theory interact in important and often unexamined ways.