Economics

The Best Cities For Jobs 2014

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As the recovery from the Great Recession stretches into its fifth year, the locus of economic momentum has shifted. In the early years of the recession, the cities that created the most jobs — sometimes the only ones — were either government- or military-dominated (Washington, D.C.;  Kileen-Temple-Fort Hood, Texas), or were powered by the energy boom in Texas, Oklahoma and the northern Great Plains.  read more »

Should Middle Class Abandon the American Dream?

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Over the past few years, particularly since the bursting of the housing bubble, there have been increasing calls for middle-class Americans to “scale down” from their beloved private homes and seek a more constrained existence. Among these voices recently was Michael Milken, for whom I have worked and have enormous respect. He suggested Americans would be better off not buying homes and living smaller, for the sake of their own economic situations, families and the environment.  read more »

Silicon Valley’s Giants Are Just Gilded Age Tycoons in Techno-Utopian Clothes

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Silicon Valley’s biggest names—Google, Apple, Intel and Adobe—reached a settlement today in a contentious $3 billion anti-trust suit brought by workers who accused the tech giants of secretly colluding to not recruit each other’s employees.  read more »

The Rise of the Executive Headquarters

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Headquarters were once a defining characteristic of urban economic power, and indeed today cities that can still brag of the number of entries they boast on the Fortune 500 list of largest American firms. Yet as urban centers increasingly lost headquarters, boosters started to downplay them as a metric, particularly with the rise of the so-called “global city” concept. Today the HQ is back into the urban mix, but increasingly as what I would call the “executive headquarters” which brings bragging rights to a city but not much in terms of middle class jobs.

The corporate headquarters in a downtown skyscraper took a beating during the 70s, 80s, and 90s as America’s inner cities went into decline. Why locate in a decaying, lawless, dysfunctional urban setting that seemed destined for the scrap heap when the shiny suburbs beckoned?   read more »

No Joke: It Couldn't Get Much Better In Fargo

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This week the coastal crowd will get another opportunity to laugh at the zany practices of those living in the frozen reaches of the Great Plains. The new television series “Fargo,” based on the 1996 Coen brothers movie, will no doubt be filled with fearsome violence mixed with the proper amount of Scandinavian reserve and wry humor — the very formula that made the original such a hit.  read more »

Concentrated Wealth or Democracy, but Not Both

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In many uncomfortable ways, American politics now resemble those that arose late in the Roman Republic. As wealth and land ownership concentrated in few hands, a state built on the discipline of soldiers who tended their own farms became ever more dominated by fractious oligarchs. As property consolidated into huge slave-owning estates, more citizens became landless and ever more dependent on the patronage of the rich generals and landowners who increasingly seized control of politics.  read more »

America's New Brainpower Cities

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Brainpower rankings usually identify the usual suspects: college towns like Boston, Washington, D.C.,  and the San Francisco Bay area. And to be sure, these places generally have the highest per capita education levels. However, it’s worthwhile to look at the metro areas that are gaining college graduates most rapidly; this is an indicator of momentum that is likely to carry over into the future.  read more »

Good Jobs Often Not Matter of Degrees

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If there's anything both political parties agree upon, it's that our education system is a mess. It is particularly poor at serving the vast majority of young people who are unlikely either to go to an elite school or get an advanced degree in some promising field, particularly in the sciences and engineering.  read more »

The Part-Time, Freelance, Collaborative Economy

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Are we becoming a part-time economy? Maybe. A collaborative economy? Possibly. A freelance economy? Definitely. Here's the evidence:

The Part-Time Economy- Involuntary part-time work is at a historic high, and the workforce participation rate is at a near-historic low. The number of unemployed people is higher, and the number of jobs in the economy is lower, than five years ago. During this weak recovery, more people have left the workforce than have started a new job, and a high percentage of the jobs that are being created are low-wage and part-time.  read more »

Subjects:

Era of the Migrant Moguls

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Southern California, once the center of one of the world's most vibrant business communities, has seen its economic leadership become largely rudderless. Business interests have been losing power for decades, as organized labor, ethnic politicians, green activists, intrusive planners, crony developers and local NIMBYs have slowly supplanted the leaders of major corporations and industries, whose postures have become, at best, defensive.  read more »