The Segmented City: A Revision of Neoclassical Spatial Synthesis
Revista de Economía Institucional, Vol. 7, No. 13, 2005
33 Pages Posted: 3 Dec 2005
This paper evaluates how economic theory deals with analyses of current real estate dynamics and urban residential structure. It shows the fundamental axioms of neoclassical spatial synthesis and their explanations in terms of equilibrium, and highlights ambiguous and unsatisfactory, but elegant, solutions to urban spatial economic structure and dynamics. It presents the critical heterodox approach to the fundamental axioms and the hypothesis of spatial equilibrium, and shows the main aspects of the central heterodox contribution to residential real estate dynamics.
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Keywords: neoclassical spatial synthesis, real estate dynamics, urban residential structure
JEL Classification: R12, R29
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