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Urban theory
Urbanomics describes the city formation phenomenon where economic priorities prevail to facilitate the city’s propensity to generate and accumulate wealth. Such city formation involves some irreversible spatial investments, massive resource allocations and financial investments recoverable only if anticipated future income transpires. Consequently, it is a pertinent concept in urban planning. Though related, this is not be confused with urban economics where economic principles and tools are applied at macro and micro levels. Urbanomics is to be understood as a paradigm to understand impact of the globalization process on urban development.〔Friedmann J. & Wolff, G. (1986), “The World City Hypothesis” in Development and Change, Vol. 17(1) pp.69-84〕〔Hall, P. G. (1966) The World Cities, London: Wiedenfeld and Nicolson Hanley, N. Moffat, I. Faichney, R. and Wilson, M. (1999) “Measuring Sustainability: A Time Series of Alternative Indicators for Scotland” in Ecological Economics, 28(1) pp.55-73〕〔Sassen, S. (1991) The Global City: New York, London and Tokyo, Princeton: Princeton University Press〕
Urban theory is an agglomeration of social theories - classical, neo-classical and modern. Reference to social theory assumes the indivisibility of political, social and economic forces. Sustainability is increasingly becoming the lynch-pin of urban studies with triple-line accountability (social, environment and economics) given more emphasis though not necessarily translated to practice. Here, urbanomics, by default, renders environmental and social concerns to subservience.
==Urban Theory==
Theoretical discourse has often polarized between economic determinism〔Marx, K. (1976) Capital Vol 1Harmondsworth: Penguin (Original work published in 1867)〕 and cultural determinism〔Weber, M. The Protestant Ethic and the Spirit of Capitalism, London: Allen & Unwin (Originally published in 1905)〕 with scientific or technological determinism adding another contentious issue of reification. Studies across eastern and western nations have shown that certain cultural values promote economic development and that the economy in turn changes cultural values.〔Allen, M. W. Ng, S. H. Ikeda, K. Jawan, J. A. Sufi, A. H. Wilson, M. & Yang, K. S. “Two Decades of Change in Cultural Values and Economic Development in Eight East Asian and Pacific Island Nations” in Journal of Cross-Cultural Psychology Vol. 38: pp. 247-69〕 Urban historians were among the first to acknowledge the importance of technology in the city.〔Hommels, A. “Studying Obducracy in the City: Toward a Productive Fusion between Technology Studies and Urban Studies” in Science Technology and Human Values, Vol. 30 No. 3: pp.323-51〕 It embeds the single most dominant characteristic of a city; its networked character perpetuated by information technology.〔Graham, S. & Marvin, S. (1996) Telecommunications and the City: Electronic Spaces, Urban Places, London: Routledge〕 Regardless of the deterministic stance (economic, cultural or technological), in the context of globalization, there is a mandate to mold the city to complement the global economic structure and urbanomics gains ascendancy.
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