Economics

The Unrise of the Creative Working Class

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Scarcity leads to creativity out of necessity. That’s the pop culture meme at least. Think “starving artist,” or the survivors in Survivor. The thinking has penetrated the business culture as well. For example, in the shadow of the 2008 recession, Google founder Sergey Brin, in a letter to his shareholders, writes: “I am optimistic about the future, because I believe scarcity breeds clarity: it focuses minds, forcing people to think creatively and rise to the challenge.”  read more »

The Next Urban Crisis, And How We Might Be Able To Avoid It

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Urban boosters are rightly proud of the progress American cities have made since their nadir in the 1970s; Harvard economist Ed Glaeser has gone so far as to proclaim “the triumph of the city.” Yet recent events — notably Detroit’s bankruptcy and the victory of left-wing populist Bill de Blasio in the Democratic primary of the New York mayoral election — suggest that the urban future may prove far more problematic than commonly acknowledged.  read more »

Fast-Growing Mining and Oil & Gas Industries, and the Huge Number of Supply-Chain Jobs They Create

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The fastest-growing industry in the U.S since 2010 isn’t large or well-known. In fact, nearly half of the estimated 5,100 jobs in support activities for metal mining are located in one state: Nevada. Nonetheless, employment in this niche mining industry has ballooned 53% since 2010, and it creates a huge number of supply-chain jobs in other parts of the economy.  read more »

Subjects:

America's True Power In The NAFTA Century

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OK, I get it. Between George W. Bush and Barack Obama we have made complete fools of ourselves on the international stage, outmaneuvered by petty lunatics and crafty kleptocrats like Russia’sVladimir Putin. Some even claim we are witnessing “an erosion of world influence” equal to such failed states as the Soviet Union and the French Third Republic.  read more »

A Map Of America's Future: Where Growth Will Be Over The Next Decade

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The world’s biggest and most dynamic economy derives its strength and resilience from its geographic diversity. Economically, at least, America is not a single country. It is a collection of seven nations and three quasi-independent city-states, each with its own tastes, proclivities, resources and problems. These nations compete with one another – the Great Lakes loses factories to the Southeast, and talent flees the brutal winters and high taxes of the city-state New York for gentler climes – but, more important, they develop synergies, albeit unintentionally.  read more »

Southern California's Road Back

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If the prospects for the United States remain relatively bright – despite two failed administrations – how about Southern California? Once a region that epitomized our country's promise, the area still maintains enormous competitive advantages, if it ever gathers the wits to take advantage of them.  read more »

South Korea, What Will Limit the World’s Global Underdog?

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South Korea is a small country with grit. The shrimp sized peninsula is a national success story that transformed itself from impoverished conditions to industrial riches in a remarkable 68-year postwar period. The country experienced the fastest growth in per-capita GDP since the 1960.  read more »

Rust Belt Chic And The Keys To Reviving The Great Lakes

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Over four decades, the Great Lakes states have been the sad sack of American geography. This perception has been reinforced by Detroit’s bankruptcy filing and the descent of Chicago, the region’s poster child for gentrification, toward insolvency.  read more »

Root Causes of Detroit’s Decline Should Not Go Ignored

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Recently Detroit, under orders from a state-appointed emergency manager, became the largest U.S. city to go bankrupt. This stirred predictable media speculation about why the city, which at 1.8 million was once America’s 5th-largest, declined in the first place. Much of the coverage simply listed Detroit’s longtime problems rather than explaining their causes.  read more »

America Hanging in There Better Than Rivals

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To paraphrase the great polemicist Thomas Paine, these are times that try the souls of optimists. The country is shuffling through a very weak recovery, and public opinion remains distinctly negative, with nearly half of Americans saying China has already leapfrogged us and nearly 60 percent convinced the country is headed in the wrong direction. Belief in the political leadership of both parties stands at record lows, not surprisingly, since we are experiencing what may be remembered as the worst period of presidential leadership, under both parties, since the pre-Civil War days of Franklin Pierce and James Buchanan.  read more »