Grand ideas or delusions of grandeur? Placing big thinkers and essential theories in property economics research
| DOI | https://doi.org/10.1108/JPIF-11-2021-0097 |
| Published date | 22 December 2021 |
| Date | 22 December 2021 |
| Pages | 291-299 |
| Subject Matter | Property management & built environment,Real estate & property,Property valuation & finance |
| Author | Graham Squires |
Grand ideas or delusions of
grandeur? Placing big thinkers and
essential theories in property
economics research
Graham Squires
School of Economics and Finance, Massey University Manawatu Campus,
Palmerston North, New Zealand
Abstract
Purpose –This article is looking to reflect on the various important touchstones of “grand theory”and “big
thinkers”that can be framed when engaging empirical evidence in property economics research.
Design/methodology/approach –The paper is reflexive in nature, using experiential reflection to consider
theory in property economics. The importance of “methodology”is emphasised rather than “method”.
Findings –Using reflexive mode, the paper does not have “findings”as such: if the views expressed are
accepted, then a research agenda to better understand property economics research is implied.
Research limitations/implications–The nature of reflection is that it follows from the writer’s experiential
processes and interpretations. The reader may come from a different stance. Broadly accepting the
propositions, there is a call for property economics research to be formulated in reason and logic, particularly as
humans do not reason from facts alone. Such reasoned thinking could for example be in the property economic
concepts of space and place, contracts and justice, capital and financialisation.
Practical implications –To engage with such theory would provide some depth of philosophical roots for
property as a discipline. Elevating property as a “real-world”discipline rather than simply an applied
mathematics discipline.
Social implications –The paper enables an understanding of how property economics research can benefit
from more ontology and more inductive reasoning.
Originality/value –The paper reflects the views and experience of the author based on over 15 years of
research in property economics.
Keywords Property economics, Property theory, Property methodology, Property research
Paper type Viewpoint
Introduction
This article reflects on various important touchstones of “grand theory”and “big thinkers”
that can be used to frame empirical evidence in property economics research. I look to
highlight writers that have focused on certain (neo)classical economic principles, and others
that have shifted paradigms to bring new ways of looking at the theory of property
economics. Here we focus on grand theory themes of institutions and behaviours, space and
place, contracts and justice; as well as capital, financialisation and inequality. Big thinkers
contributing to grand ideas are put forward to frame and contextualise property economics,
and potentially sub-fields of finance and investment into the next 40 years. Alternatively, this
call to “think big”may be more intellectual navel gazing, and thus be more a delusion of
grandeur. At its heart though, this piece seeks to draw on some mainstream grand theory, to
place property economics research as a discipline that can claim deeper philosophical roots.
Property economics research in the (Neo)classical tradition
To begin to broaden this property economics research theory, the work by David Ricardo on
the Principles of Political Economy and Taxation (Ricardo, 1817) uses economic concepts
Grand ideas or
delusions of
grandeur?
291
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1463-578X.htm
Received 23 November 2021
Revised 5 December 2021
Accepted 5 December 2021
Journal of Property Investment &
Finance
Vol. 40 No. 3, 2022
pp. 291-299
© Emerald Publishing Limited
1463-578X
DOI 10.1108/JPIF-11-2021-0097
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