In his still improbable path to the White House, Donald Trump has an opening, right through the middle of the country. From the Appalachians to the Rockies, much of the American heartland is experiencing a steady decline in its fortunes, with growing fears about its prospects in a Democratic-dominated future. This could prove the road to victory for Trump. read more »
Book Review: "The Rise and Fall of Urban Economies: Lessons from San Francisco and Los Angeles." Michael Storper, Thomas Kemeny, Naji P. Makarem and Taner Osman; Stanford University Press, 2015.
How and why do places differ in their pace of economic development? Why do some flourish while others lag? These are among the most profound questions in economics and related fields. Are explanations found in geography, culture, institutions, or fortune? read more »
Throughout the recession and the decidedly uneven recovery, Southern California has tended to lag behind, particularly in comparison to the Bay Area and other booming regions outside the state. Once the creator of a dispersed, multipolar urban model – “the original in the Xerox machine” as one observer suggested – this region seems to have lost confidence in itself, and its sense of direction. read more »
Housing affordability has been a tenacious and intractable urban problem for as long as stats have been kept. Several cities recently declared it a crisis. But what kind of problem is it? Opinions vary widely. An economic problem, or a social one? A land resource issue? Or, as traded wisdom would have it, the result of reliance on the wrong urban form? Proposed solutions vary accordingly. Now, new evidence rules out one potential source of unaffordable housing: clearly, it is not an urban form problem. The widely-believed theory that a city's lack of affordable housing can be fixed with increased compactness — when combined with public transit — is apparently wrong. read more »
When we look at how the U.S. economy is performing, we usually focus on the largest metropolitan areas. But some 29% of non-farm jobs in the U.S. are in small and midsize metro areas. And since they tend to be less economically diverse and more volatile, these metro areas often are where we can more clearly see the fissures in the economy — the sectors that are growing, and which are shrinking. read more »
Much has been made of working class pain in this election, but the problems go well beyond that. I don’t like the 1% vs. 99% frame, but it captures something important about our society, namely a sort of bifurcation that has occurred between top and bottom. Roughly the top 20% are doing quite well, and increasingly live in communities surrounded by others like themselves. The bottom 80% does not seem to be faring so well on a variety of social and economic statistics. read more »
In which part of the world should we expect most women to reach the top? The answer has to be the Nordic countries. According to The Global Gender Gap report, for example, Iceland is the most gender equal country in the world followed by Norway, Finland and Sweden. Yet as I will discuss below, this has not translated in women making it to “the top”, as one might expect. This a paradox that I will seek to address. read more »
The world’s developing economies have dominated purchasing power economic growth over the last 35 years, according to the most recent gross domestic product (GDP-PPP) per capita data from the International Monetary Fund (IMF). This article summarizes economic growth for three periods, including from the earliest IMF data (1980 to 2015), the intermediate 2000 to 2015 period and the more recent 2010 to 2015 timeframe. read more »
While speculation is mounting that they’re overheating, the tech boom is still creating jobs at a rapid pace in the Bay Area and Silicon Valley, placing them atop our annual assessment of The Best Cities For Jobs for the third year in a row. A number of secondary tech centers are posting strong growth as well on the back of the boom, as well as spillover from Northern California as high prices push expanding companies and startups to locate elsewhere. read more »
The key drivers that propelled the Reagan economy are now tapped out or out of favor.
The name of Ronald Reagan is frequently evoked by the current contenders to the GOP nomination. Donald Trump speaks admiringly of the 40th President of the United States and uses a truncated version of his 1980 campaign slogan “Let’s Make America Great Again”. Ted Cruz promises to implement Reagan’s solution of lower taxes, lower regulation and a stronger military. Before he bowed out recently, Marco Rubio was equal in his praise. And John Kasich stakes an even more tangible claim by reminding us that he is the only candidate who actually worked with Reagan. read more »