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.