Economics

August’s tragic events in Charlottesville kickstarted a somber debate about the appropriate way to commemorate the war that gave all Americans their freedom. It also triggered a conversation about whether the south’s legacy of rebellion and independence – with slavery a painful and regretful part of its past – is a legacy worth remembering.  read more »

The Wall Street Journal is reporting that Amazon is seeking bids for a second headquarters location that will be equal in size to its current Seattle base. (You can read their RFP here). It would ultimately employ 50,000 people in eight million square feet of office space at an average salary of over $100,000.  read more »

Cities that believe in themselves are hard to kill. In the aftermath of Hurricane Harvey many pundits have urged Houston to abandon many of the traits that have made it a dynamic, growing metropolis, including key elements of its light-handed, pro-business regulatory regime.  read more »

Perhaps nothing more illustrates the shifts in the global economy than the geography of the largest airports. In 2000, world air passenger statistics were dominated by high income world economies. Among the 25 busiest passenger airports, 14 were in the United States, five in Europe and five in Asia and one in Canada, according to data from the Airports Council International and the Port Authority of New York and New Jersey.  read more »

Perhaps nothing thrills mayors and urban boosters like the notion of endless towers rising above their city centers. And to be sure, new high-rise residential construction has been among the hottest areas for real estate investors, particularly those from abroad, with high-end products accounting for 8o% of all new construction.

Yet this is not an entirely high-end country, and these products, particularly the luxury high-rises in cities, largely depend on a small segment of the population that can afford such digs.  read more »

Proposals to institute a basic income are increasingly popular, especially in Silicon Valley. Philippe Van Parijs and Yannick Vanderborght make their case for it in Basic Income: A Radical Proposal for a Free Society and a Sane Economy. A basic income—an annual, unconditional cash grant to every adult, regardless of need, and without a work requirement to obtain it—would be non-taxable and total about 25 percent of GDP.  read more »

Cleveland, like many Rust Belt cities, has both an image and a self-image problem. Its residents have simultaneously had passion and loyalty for the city, while also being filled with shame about it and relentlessly negative and fatalistic about its future. Again, this is something that is the case for any number of places.  read more »

To slow mass migration, stop the illicit capital flight from poor to rich countries.

An asset manager called ____ Capital recently sent out this email seeking referrals:  read more »

President Donald Trump’s policy agenda may seem somewhat incoherent, but his underlying approach — developed, in large part, by now-departed chief strategist Steve Bannon — can be best summarized in one word: nationalism. This covers a range of issues from immigration and trade to cultural and ethnic identity, and generally the ones with the most polarizing impact on our political system.  read more »

The precariat is a term coined to describe the segment of the population that lives without security or predictability. These days it often refers to the former American middle class that’s currently experiencing reduced circumstances. There’s always been a precariat, but it usually includes a minor subset of the population that no one really likes or cares about. Indentured Irish servants, black slaves, Jewish and Italian sweatshop workers, Mexican field hands, Puerto Rican cleaning ladies… It’s a long list.  read more »