17 - Economic development and quality of life

• Sustainable urban living


  Features that make East Village a sustainable community
• Sustainable features of East Village


  • Transport: Local bus services and trains connect to the London Underground, Stratford International station provides a fast route to central London and Europe
  • Green open spaces: 10 hectares of parkland, with hundreds of planted trees and ponds, encourages wildlife and helps to purify the air
  • Modern, high-density apartments: Built to high standards of insulation and energy efficiency, Less heat is lost from apartments than from low-rise, individual houses
  • Green roofs: On residential blocks, encourage more wildlife and slow down the rate at which water drains off
  • Affordable housing: Half of the homes are rented at lower rates so that ordinary people in East London can afford them
  • Walking and cycling: Good walking and cycling routes to encourage people out of their cars, Residents pay extra for car parking spaces
  • Shops and services: Run by small, independent businesses, helping to keep money in the local economy and avoid the need to shop elsewhere
  • Public services: A school for 3- to 18-year-olds and a large health centre are essential services provided in the community
• Water recycling in East Village

  1. Rainwater drains from roofs and pavements into a waterway flowing downhill

  2. Water drains into ponds where it is filtered and cleaned naturally by reed beds

  3. Clean water is pumped back uphill into the village and used again for flushing toilets and irrigating trees
• Combined heat and power system in East Village


  1. CHP station generates electricity by burning biomass as fuel

  2. Heat, as a by-product of electricity generation, is used for hot water

  3. Hot water is piped underground around East Village

  4. Water slowly cools and is piped back to the CHP station

  5. None of the buildings have their own boilers - they use piped hot water
• East Village has 10 hectares of green open space within a total area of 27 hectares, equivalent to the proportion of green space in all London
• Water use is 50 per cent less than an average urban area due to recycling water within the area
• Energy use is at least 30 per cent less than an average urban area due to the combined heat and power (CHP) system
• Sustainable urban transport


  Why Bristol needs a sustainable urban transport strategy
• Cycling


  • Good form of daily exercise
  • Positive mental health and less stress
  • For every £1 invested in cycling, £4 goes into the local economy
  • Reduced sick leave and time off work
  • Better health
  • Improved access to shops and services
  • More people on the street make them feel safer
  • Quick and reliable form of transport
  • Boosts tourism
  • Lower levels of obesity
  • Reduced traffic congestion
  • Reduced air pollution and CO2 emissions
• Bristol's cycling strategy


  1. Provides a network of cycle routes, both on-road and off-road, throughout the city

  2. Wherever possible, cyclists are directed along quiet routes that avoid heavy traffic

  3. When this is not possible, for example in the city centre, street space is split to keep traffic and cyclists apart
• In addition to the cycling strategy, Bristol has several other sustainable urban transport strategies including a metro-style rail service, rapid transit buses, a network of charging points for electric vehicles, 20 mph limits in neighbourhoods, and park and rides around the city
• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally


  • Consumers
  • Producers
  • Workers
  • Governments
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility