Economics

California's Demographic Dilemma

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It's been nearly 20 years since California Gov. Pete Wilson won re-election by tying his campaign to the anti-illegal immigrant measure Proposition 187. Ads featuring grainy images of presumably young Hispanic males crossing the border energized a largely white electorate terrified of being overwhelmed, financially and socially, by the incoming foreign hordes.

The demographic dilemma facing California today might be better illustrated by pictures of aging hippies with gray ponytails, of legions in wheel-chairs, seeking out the best rest home and unemployed young people on the street corner, watching while middle-age families drive away, seeking to fulfill mundane middle-class dreams in other states.  read more »

The New Places Where America's Tech Future Is Taking Shape

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Technology is reshaping our economic geography, but there’s disagreement as to how. Much of the media and pundits like Richard Florida assert that the tech revolution is bound to be centralized in the dense, often “hip” places where  “smart” people cluster.  read more »

Globalization: Too Many Americans Are Dropping Under the Radar

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By the time I arrived in Silicon Valley in 1986 California's middle class economy was already being remade by globalization. Globalization's dramatic impact on northern California hit me square in the face the moment I arrived at my first career expo later that year at the Westin Hotel in Santa Clara. There I found myself surrounded by a multitude of H‑1B workers from all over the world, excitedly speaking in a myriad of languages. I was staggered. Born in the U.S.A., I felt like a foreigner in the land of my birth.    read more »

The Dispersion of Financial Sector Jobs

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When you think of financial services, one usually looks at iconic downtowns such as New York’s Wall Street, Montgomery Street San Francisco's or Chicago’s LaSalle Street. But since the great financial crisis of 2007-8 the banking business is on the move elsewhere. Over the last five years (2007 to 2012), even as the total number of financial jobs has declined modestly, they have been growing elsewhere.  read more »

California's Poor Long-term Prognosis

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California's current economic recovery may be uneven at best, but things certainly look better now than the pits-of-hell period in 2008. A cautiously optimistic New York Times piece proclaimed "signs of resurgence," and there was even heady talk in Sacramento of eventually sighting that rarest of birds, a state budget surplus.  read more »

Is America's Future Progressive?

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Progressives may be a lot less religious  than conservatives, but these days they have reason to think that Providence– or Gaia — has taken on a bluish hue.

From the solid re-election of President Obama, to a host of demographic and social trends, the progressives seem poised to achieve what Ruy Texeira predicted a decade ago:  an “emerging Democratic majority”.

Virtually all the groups that backed Obama — singles, millennials, Hispanics, Asians — are all growing bigger while many of the core Republican groups, such as evangelicals  and intact families, appear in secular decline.  read more »

The Rise of Management Consultants

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The always-entertaining Freakonomics podcast recently devoted a full episode to the emergence of management consulting firms in the U.S. The podcast got our attention right away when Stephen Dubner rattled off labor market statistics — something that always piques our interest — for management consultants.  read more »

Subjects:

Entrepreneurial Software Developers and the App Economy

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The New York Times continued its excellent iEconomy series with an article on the job prospects for app developers. The lengthy piece gives a few snippets of labor market data for software developers and touches on the work of economist Michael Mandel in measuring the “App Economy.”  read more »

Subjects:

Obama’s Energy Dilemma: Back Energy-Fueled Growth or Please Green Lobby

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Talk all you want about the fiscal cliff, but more important still will be how the Obama administration deals with a potential growth-inducing energy boom.  read more »

What Is a Global City?

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We hear a lot of talk these days about so-called “global cities.” But what is a global city?

Saskia Sassen literally wrote the book on global cities back in 2001 (though her global cities work dates back well over a decade prior to that book). She gave a definition that has long struck with me.  read more »