earticle

영어

This study critically reviews the legitimacy of urban planning opposed to a market broadly adopted by planners conventionally. This study critically investigates the concepts of market failures and government failures for the review. Planners have thought planning to be a powerful alternative of the market. However, this study indicates that planners have often misunderstood or exaggerated the reality of market failures. On the other hand, this study finds that the market is a quite excellent mechanism which is able to internalize the costs resulting from market failures while planning has several limits and problems in dealing with the market failures. This study identifies that planning as a regulatory policy is budget-consuming and rent-creating, and can infringe the civil liberty. In conclusion, this study insists that urban planning should legitimate its ontological meaning in the new way, which is more market-oriented.