Building as an economic process: the Austrian approach revisited

Bon's book Building as an Economic Process: An Introduction to Building Economics was an important step in the development of the economic theory of the built environment. The book's aim was to establish theoretical foundations for building economics, using the perspective of Austrian economics. The objective of this review is to assess the significance and impact of the book, and how successful Bon was in achieving his stated purpose. Each of the major topics in the book is discussed, with the Austrian approach as used by Bon on capital theory, the building process, and business and building cycles assessed. Bon proposed a significant research programme based on these ideas. The impact of the ideas is discussed before progress on the research programme is reviewed. The conclusion attempts to bring out the significance of the book's contribution.