1. Introduction

Economics is the study of assets and their value. It provides methods and tools to quantify the value of commodities, resources, and potentialities of goods available in the marketplace. Its relatively short history belies its rich and complex subject matter. Advances in the methods used in economics originated from the development of concepts of “utility” and “value.” Interestingly, perhaps lamentably, social studies of practicing architects, particularly the most successful ones, care least about economics of their designs compared to other goals like aesthetics. Unfortunately, this attitude is one of the reasons why architects are unable to make a stronger case for their aesthetics and design goals among other factors. This book aims to demonstrate that being smart about the economics of design can be the strongest vehicle for their designers to add value while enhancing their aesthetic qualities, disproving the old adage that you cannot have your cake once you have consumed it. The chapters collected under Part I will lay the foundational concepts that will guide design professionals in combining economics with the fields of architecture, engineering, and construction (AEC), establishing principles of value-based design.