Economics

The COVID-19 pandemic will be shaping how we live, work and learn about the world long after the last lockdown ends and toilet paper hoarding is done, accelerating shifts that were already underway including the dispersion of population out of the nation’s densest urban areas and the long-standing trend away from mass transit and office concentration towards flatter and often home-based employment.   read more »

Shutdowns mandated by the coronavirus are a pending apocalypse for small businesses, which employ 48 percent of American workers. The average small business has only 27 days’ worth of operating costs in cash reserves, with many holding far less than that. Businesses that either can’t reopen or are suffering a big drop in revenue will soon be insolvent. Some have already announced that they will be shutting down.  read more »

The COVID-19 pandemic has highlighted class inequalities. Commentators in the US, UK, and Australia are acknowledging that working-class people are more likely to suffer as a result of both the virus and the measures put in place to contain its spread.  read more »

Last night, I interviewed 12 CEO’s in Orange County, CA. It was a group discussion that focused on what aspects of business are most likely to change once the coronavirus epidemic passes. Without hesitation, the first topic cited by these executives was the coming upheaval in the office space real estate market. To a person, everyone said that this prolonged episode proved that most people can clearly work well from home. They can be supervised effectively, and they are productive.  read more »

As the COVID-19 pandemic continues to wreak havoc on many areas of the economy, the Heartland's oil and gas industry is poised to take one of the hardest hits. In particular, Texas, Oklahoma, North Dakota and Louisiana are likely to face severe impacts. At a national level, the most severe economic damage from COVID-19 will disproportionately hit a handful of sectors – travel, tourism, lodging, dining and recreation.  read more »

For over two centuries, New York has been the predominant urban center in North America. It remains the primary locale for the arts, culture, finance, and media, and will likely remain so for the foreseeable future. It has also served as the incubator of the many Americas—including Jewish, Italian, African American, Irish, and, increasingly, Middle Eastern, North African, and Asian cultures—and nurtured their contributions to the arts, business, and intellectual life.  read more »

Most regions were beginning to see an acceleration in economic growth during January and February 2020. The 20-state Heartland was poised to see a notable improvement in economic performance that will now be tested due to public health measures implemented to contain the spread of the coronavirus. The additional $200 billion in purchases of grain, industrial supplies and manufactured products over the next two years that China agreed to in the Phase I trade deal will benefit the Heartland greater than any other region of the nation.  read more »

In “Millennials Find New Hope In The Heartland,” Heartland Forward Senior Fellow Joel Kotkin and his contributors address a fundamental topic for future economic success in the Heartland: Will Millennials return and remain at higher rates?  read more »

My latest report is now available from the American Enterprise Institute. It’s a look at the role of the culture of cities in economic dynamism and resiliency. I examine a few case studies, and from these try to draw out some cultural traits that seem to be relevant to success, notably an open social structure, invested leadership and institution building by civic elites, and a high value placed on education.

Here is an excerpt:  read more »

A couple of weeks after the South Korean film Parasite won both Best Foreign Film and Best Picture, Donald Trump went on what the Washington Post called a “nationalistic cultural” rant about the film’s awards. He was upset that a movie made in Asia, in Korean, was named the best film in the U.S.  read more »