Tom Whipple’s focus on the formal object of valuation is reviewed in terms of its significance for the discipline of property economics. His recognition of the distinction between value and price and the social objectives of economics as a discipline lead to recognition that rental growth as the object of valuation runs counter to community quality of life growth that is the object of classical realist economics. Tom Whipple’s connections to both of these traditions is shown to lead to the conclusion that his work contained sufficient elements to suggest that the formal object of property economics deserves separate attention and is likely to be related to the common good. Such a focus could make it possible to construct a property economics that could be capable of meeting the community’s needs regarding property, provide a framework for a more effective integration with customary property systems and insights for the general discipline of economics.