Land and Property Economics (2015-2016)
Being the “oil capital of Europe”, Aberdeen’s economy is heavily dependent upon events in
the global oil industry (Cumbers, 2000). Write an essay to discuss the impact of falling oil
price on Aberdeen’s regional economy, with a focus on how this might differ from that of
the oil price collapse in the 1980s.
• You will need to explain the importance of the oil and gas industry in the context of
Aberdeen’s regional economy (for example, you may consider the economic base
theory). Your explanation should be concise and focused. The essay is NOT about the
development of the oil and gas industry in Aberdeen.
• With the aid of economics model(s), you are required to provide a theoretical
analysis of the changes in Aberdeen’s labour market and real estate markets
(including commercial real estate markets and residential sector) as a result of falling
• Your analysis should compare and contrast the effect of the recent fall in oil price to
the impact of the 1980s oil price crash. Your arguments need to be supported with
appropriate data and references.
• Any implications of your analysis (for example, regional development policy
implications) should be highlighted in your essay.
You may find the following articles useful. You should also search independently for
additional relevant information.
Cumbers, A. (2000) “Globalization, Local Economic Development and the Branch Plant
Region: The Case of the Aberdeen Oil Complex”, Regional Studies, 34:4, page: 371-382,
The Economist (2015) “How falling oil prices have affected Aberdeen”, The Economist, 19th
Kemp, AG. & Smith, FA. (2002). “North Sea Oil and the Aberdeen Economy in Retrospect”. in
Fiskeri – og Sofartsmuseets Studieserie. (eds. David J Starkey & Morten Hahn-Pedersen.
Fiskeri – og Sofartsmuseets Studieserie. (eds. David J Starkey & Morten Hahn-Pedersen, pp.
Word limit: 1,500
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