Establishing construction economics as an academic discipline

Despite the importance of construction in national economies and in socio-economic development, construction economics, as a field of study, is still fledgling. Its foundations are weak and there is confusion about many of its concepts and terms. Worse, there are indications that unless a conscious effort is made to advance the field further, progress will be slow. This paper considers the present state of construction economics and its causes and effects. It considers whether construction economics is a distinct academic discipline. It is observed that construction economics lacks a conceptual structure, a key attribute of a discipline. Main areas where further study is required are highlighted. It is suggested that the development of construction economics should be managed if the field is to be advanced further.