Transport Economics

This book takes an interdisciplinary, institutional and historically informed approach to the economics of transport, providing a more nuanced and complete understanding of human transport choices, individually and collectively, and the related choice of location, including the formation of cities.The first principles of standard economic theory – referred to here as the core model – are systematically analysed, with a particular focus on the strengths and weaknesses of the simplifying assumptions used. The economic dynamics of modern transport systems are explored in light of theory and practice, covering such topics as the role of incentives, technological change and economic growth, and the enabling role that transport plays in productivity. Many historical and present day examples are provided to explore the real-world nuance and subtlety that crops up repeatedly in transport activity, using additional disciplinary lenses such as planning, engineering, psychology and sociology. Overall, the book examines the implications of the unique particularities of human beings, including the quirks of their psychologies and physical bodies, for transport planning, development and implementation. A focus is kept on the “real world” policy complications that arise so frequently in the transport arena.The book, while aimed at university students, will also appeal with its holistic, thoughtful approach to researchers interested in transport, urban planning, and its effective delivery. Policymakers and practitioners seeking a broad overview of the field beyond their specialisations will also enjoy this book.