By Boltyansky V.G.

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VTJOHIPVTJOHBTPOFPGUIFUPPMTUPEPTP Q(&S decreasing the utility of the other participants. If the situation on the market precludes any public inference that could increase the utility of one without decreasing the utility of another, we talk about a Pareto optimum (also the highest economic efficiency). If, on the other hand, the total utility could increase without decreasing the utility of any of the actors, then the process of ‘improvement’ is called optimisation, a ‘Pareto improvement’.

It is more an opportunity cost than an explicit form of public subsidy. The comparative advantages and disadvantages of subsidising supply and demand in the sphere of owner-occupied housing are similar to those cited in the sphere of rental housing. Supply-side subsidies increase and modernise housing stock and push the prices of existing housing down. Indirect demand-side subsidies can have the opposite effect on the price of existing housing, however, it does not restrict the recipient of the subsidy to choosing just new housing, and in terms of targeting there is less of a bias towards higher-income households, which is the group that tends most often to acquire new housing.

While this brings a number of positive aspects, one negative consequence is that it makes it far more complicated for homeowners to move, which can be a problem when there is a rise in unemployment or an economic crisis. When house prices fall homeowners are often reluctant or even unable to sell their homes and move elsewhere (Oswald, 1997; Partridge & Rickman, 1997; Engelhardt, 1994). Owner-occupied housing connotes ‘stability’, and as such it may be at odds with other developments in contemporary society, the world economy (global markets), and the labour market, which are now more characterised by ‘flexibility’.

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