G-20 Summit: There is No One Size Fits All


There is one thing you need to remember as you listen to the debate about economic and fiscal policy at the G-20 Summit this weekend in Toronto: There is No One-Size-Fits All. There is not even a “One-Size-Fits Twenty.”

Back in 2001, I summarized the few things about finance and economics that most scholars agree will support a growing economy and healthy capital markets:  read more »

Immigrant Entrepreneurs Can Turbocharge Cleveland’s Flagging Economy


In seeking to lure a Chinese lightbulb-maker to town, Cleveland leaders revealed both a vision and a blind spot.

Cleveland Mayor Frank Jackson and his team should be given credit for recognizing the tremendous opportunity in attracting foreign direct investment, or “FDI,” and the new jobs that it provides.  read more »

Millennial Surprise


The boomer's long domination of American politics, culture and economics will one day come to an end. A new generation--the so-called millennials--will be shaping the outlines of our society, but the shape of their coming reign could prove more complex than many have imagined.

Conventional wisdom, particularly among boomer "progressives," paints millennials--those born after 1983--as the instruments for fulfilling the promise of the 1960s cultural revolt. In 2008 the left-leaning Center for American Progress dubbed them "The Progressive Generation."  read more »

China’s Urban Challenge: Balancing Sustainable Economic Growth and Soaring Property Prices


Today, Beijing seeks to balance strong economic growth and soaring prices amidst a severe global crisis and debt turmoil in advanced economies. The challenge is colossal – to provide urban space for more than 600 million people in the coming decades.

For months, the famous hedge fund wizard, James Chanos, has been predicting a severe Chinese property slump. As he puts it, “Dubai times 1,000 – or worse,” with the “potential to be a similar watershed event for world markets as the reversal of the U.S. subprime and housing boom.”  read more »

Stimulus, Spending and Animal Spirits: How to Grow the Economy

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The most fanatical Keynesians are losing their composure. Brad DeLong, a prominent Berkeley economist and Keynesian, is virtually yelling that “We Need Bigger Deficits Now!”, emphasis his. Paul Krugman does DeLong one better, calling proponents of fiscal responsibility madmen.  read more »

The Downside of Brit-Bashing


Obama may be spanking BP’s brass today. But the other crisis—Europe’s economic mess—reminds us why it’s important that the U.S. and U.K. stick together.

The controversy over the BP spill threatens to drive US-UK relations to a historic low point. When recently in London, several people worried that the President may be engaging in “Brit-bashing” at the expense of our historically close ties. This theme has been widely picked up in the UK press.  read more »

L.A.'s Economy Is Not Dead Yet


"This is the city," ran the famous introduction to the popular crime drama Dragnet. "Los Angeles, Calif. I work here." Of course, unlike Det. Sgt. Joe Friday, who spoke those words every episode, I am not a cop, but Los Angeles has been my home for over 35 years.

To Sgt. Friday, L.A. was a place full of opportunities to solve crimes, but for me Los Angeles has been an ideal barometer for the city of the future. For the better part of the last century, Los Angeles has been, as one architect once put it, "the original in the Xerox machine." It largely invented the blueprint of the modern American city: the car-oriented suburban way of life, the multi-polar metropolis around a largely unremarkable downtown, the sprawling jumble of ethnic and cultural enclaves of a Latin- and Asian-flavored mestizo society.  read more »

An Awakening: The Beginning of the Great Deconstruction


The federal debt climbed above $13 trillion this month. An easier way to define the national debt is to comprehend that we each owe more than $39,000 to the Chinese, Japanese, and Arabs of the Persian Gulf. The budget deficit will exceed $1.5 trillion this year and forty-seven states are running deficits. California has a $19 billion deficit and its legislature’s landmark response was to pass a law banning plastic bags. Our cities are in worse shape. The former mayor of Los Angeles, Richard Riordan, says that a bankruptcy by that city is inevitable.  read more »

The Declining Human Footprint


There are few more bankrupt arguments against suburbanization than the claim that it consumes too much agricultural land. The data is so compelling that even the United States Department of Agriculture says that "our Nation's ability to produce food and fiber is not threatened" by urbanization. There is no doubt that agricultural production takes up less of the country's land than it did before. But urban “sprawl” is not the primary cause. The real reason lies in the growing productivity of American farms.

Since 1950, an area the size of Texas plus Oklahoma (or an area almost as large as France plus Great Britain) has been taken out of agricultural production in the United States, not including any agricultural land taken by new urbanization (Note 1). That is enough land to house all of the world's urban population at the urban density level of the United Kingdom.  read more »

Energy's Other Side


The BP oil spill disaster likely spells the slowing down, or even curtailing, of offshore oil drilling for the foreseeable future. You can take California, Florida and much of the east coast off the energy-drilling map for years, perhaps decades.

But if the oil, gas and coal industries are widely detested on the coasts, people in Bismarck, N.D., have little incentive to join an anti-energy jihad. Like other interior energy centers, people in this small Missouri river city of over 100,000 see their rising oil-, gas- and coal-based economy as the key to a far more lucrative future.  read more »