Stagnation in the City of Angels: Whatever Happened to Ideas?


It’s only been a couple of years since a red-hot real estate market had our city riding high. The market turned out to be a bubble, of course, and it eventually burst. Gone is the giddiness that comes when folks convince themselves that real estate or high tech stocks or any other trend or commodity can defy gravity and continue upward forever.

Yet giddiness isn’t the only thing that’s been lost. Ideas have disappeared from the political landscape of Los Angeles.  read more »

Economics: Green Shoots & Immigration

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A year ago we were hearing all about green shoots. Analysts claimed to find them everywhere.

Today, we never see the term. In fact, there seems to be a growing malaise. By the end of June the first quarter’s Gross Domestic Product (GDP) estimate was revised downward a full half a percent, to 2.7 percent. Pundits are depressed.  read more »

The Economic Significance of Village Markets


Flea markets and garage sales have been around for years. But for most New Zealanders, produce markets have been associated with old European villages, or the ethnic markets of Hong Kong and other exotic locations. Village markets focus on locally made crafts, while Flea Markets are essentially centralized garage sales.  read more »

Follow The Money On Development Deals

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“Follow the money” became a household phrase after the 1976 movie that told the story of Watergate, All the Presidents Men. Personal experiences over four decades in the consulting industry, working to create sustainable developments, often bring the phrase to mind.  read more »

The G-20's New Balance of Power: The Productive Economy Still Matters


As world leaders gather in Canada this weekend, the nations with the most influence won't be the high-tech mavens. Joel Kotkin on why traditional industries still matter in the post-information age.

Are we entering the post-information age?

For much of the last quarter century, conventional wisdom from some of the best minds of our times, like Daniel Bell, Alvin Toffler and Taichi Sakaiya—in both East and West—predicted that power would shift to those countries that dominate the so-called information age. At the time, this was the right call, but it may increasingly be, if you will, old news. Although there’s no question that iPhones and 3-D movies are nifty—and hedge funds generators of massive wealth for investors and operators—we now may actually be entering what might be called the post-information age.  read more »

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 »