A branch of economics that extends the basic ideas of the early classical and neoclassical economics to better understand and predict how humans use space is termed
urban economics
urban economics.
Urban economics is concerned with the economic behavior of individuals, businesses, and governments in cities and other urban areas. This field of economics studies how people make decisions about where to live, work, and invest in urban areas. It also focuses on how improvements in transportation, infrastructure, and technology affect urban economies.
Urban economics draws on the principles of microeconomics, such as supply and demand, to study how urban markets function. For example, urban economists may analyze the rental market for apartments in a city to determine why rents are high in certain areas and low in others. They may also study how changes in transportation infrastructure, such as the construction of a new subway line, affect urban housing markets and the location choices of firms.
Overall, urban economics is a valuable area of research for policymakers, urban planners, and economists alike, as it sheds light on how to design and manage cities to promote economic growth and improve the quality of life for urban residents.
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