Economics

We are often told that America’s future lies in our big cities. That may no longer be entirely true. Some of the strongest job creation and population growth is now occurring in cities of 1 million people or less.  read more »

The recently announced departure of New York City-based Alliance Bernstein for Nashville, taking more than 1,000 jobs with it, suggests a potential loosening of New York’s iron grip on the financial-services industry.  read more »

The current conundrum for many people is simple. You might want to live in one of the expensive bubbles of economic and cultural vibrancy in order to access good paying jobs and upward mobility. But the cost of property and rent are insane. You could live in a radically less expensive part of the country where homes and rent are mercifully low, but not everyone longs for a tract home on the edge of Houston. I’ve argued for years that there are all sorts of cost effective towns and cities in the Midwest that are far better than many people assume.  read more »

An article about the resurgence of independent bookstores has been making the rounds.

"Between 2009 and 2015, more than 570 independent bookstores opened in the U.S., bringing the total to more than 2,200; that’s about a 35 percent jump after more than a decade of decline. The surprise recovery may hold lessons for other small retailers. Stores like Anderson’s are helping Harvard Business School professor Ryan Raffaelli solve an economic mystery. “I often say, these are stories of hope,” Raffaelli laughed."

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Today it is commonly believed that advanced business is a European or even American invention, while the Middle East is a place of eternal non-economic conflict. Yet in reality, the first enterprises and banks evolved in Iraq and Syria, many millennia ago. For most of human history, the bazaars of Aleppo, Baghdad, and Hormuz have been among the most outstanding, and prosperous, centres of global commerce.  read more »

Among America’s largest metropolitan areas, the economic leaders come in two flavors: Southern-fried and West Coast organic. The first group flourishes across a broad range of industries, fed by strong domestic in-migration and a friendly business climate. The other is driven largely by technology and high-end business services clustered around expensive but highly desirable urban areas.  read more »

With unemployment down and wages rising, there’s growing concern that a lengthy and potentially crippling talent shortage will sweep the U.S. Addressing this could become a critical issue for businesses competing with Asian and European firms facing similar and, in many ways, more severe shortages.  read more »

Rent control supporters in California recently announced that they have enough signatures to qualify a state proposition to remove limitations on municipalities to control rents. Their purpose is to improve housing affordability in the nation’s most unaffordable state. However, should the proposition pass, the net effect is likely to be less new rental housing, as investors are likely to flee the market, as they routinely have before.  read more »

So I got into a rather interesting discussion last week in the comments section of Aaron Renn's Urbanophile website in a piece he wrote about population transformation in Pittsburgh and Chicago. And it led to some, well, interesting points that deserve more comment.  read more »

In the past, wrote historian Kevin Starr, California “was a final frontier: of geography and of expectation.” Today in the Trump era, California remains a frontier, but increasingly one that appeals largely to progressives. “California,” recently suggested progressive journalists Peter Leyden and Ruy Teixeira, “today provides a model for America as a whole.”  read more »