By John Kenneth Galbraith

The world-renowned economist deals "dourly irreverent analyses of monetary debacle from the tulip craze of the 17th century to the hot plague of junk bonds."—The Atlantic.

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Arnott, 1980; Fujita, 1976). 36 Douglas B. Diamond, Jr. and George S. Tolley that were heavily developed before the automobile era. Residential densities in what is now called the k inner-city" are very high, reflecting the relatively low incomes and high land prices at the time of last development. Transportation was relatively expensive in time and money, so differentials in access to workplaces were worth relatively more then. However, the high value of access at the time will not adequately explain the high densities if only current use value of the land had mattered.

Even repainting results in the loss of the remaining services of the current paint. We shall further assume that there are important interactions in the demands for the various durable components. This assertion makes it essential that distinctions be made between the lives of different capital attributes of dwellings. Those attributes that are more durable or infinitely durable may strongly influence the value placed by consumers on replacements of the stock of shorter-lived capital. For example, the quality of the interior appointments may be a substitute for interior space.

The Spatial Pattern of Decay and Renewal We now need to complement this theory of filtering and renewal with our theory of residential location. As developed in Section V, our analysis was an extension of the Alonso bid-rent framework to a world of multiple locational amenities and demand shifters. To extend it further to a world of fixed lot sizes and other dwelling characteristics involves changing the trade-off between land prices and amenities to one involving house prices (not the price of housing) and both amenities and dwelling characteristics.

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A Short History of Financial Euphoria by John Kenneth Galbraith
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