California was once the world’s leading economy. People came here even during the depression and in the recession after World War II. In bad times, California’s economy provided a safe haven, hope, more opportunity than anywhere else. In good times, California was spectacular. Its economy was vibrant and growing. Opportunity was abundant. Housing was affordable. The state’s schools, K through Ph.D., were the envy of the world. A family could thrive for generations. read more »
By Richard Reep
2009 was ugly. A swirl of dispiriting events stalled over much of the world this year, and Florida was no exception: state depopulation and tourism decline hit the state’s only two legitimate growth industries.
Yet the bad times contain within them some good news. This end of an era meant that economic planners might finally turn to productive industries to generate jobs and revenue, just like the rest of the nation. read more »
The Administration’s Anti-Suburban Agenda: Nearly since inauguration, the Administration has embarked upon a campaign against suburban development, seeking to force most future urban development into far more dense areas. The President set the stage early, telling a Florida town hall meeting that the days of building “sprawl” (pejorative for “suburbanization”) forever were over. read more »
The once unstoppable green machine lost its mojo at the Climate Change Conference in Copenhagen. After all its laboring and cajoling, the movement at the end resembled not a powerful juggernaut but a forlorn lover wondering why his date never showed up.
One problem is that the people of earth and their representatives don't much fancy the notion of a centrally dictated, slow-growth world. They proved unwilling to abandon either national interest or material aspirations for promises of a greener world. read more »
Recently I had the chance to visit Taxi 2000. This Personal Rapid Transit (PRT) company is based just minutes from my office in Minneapolis. I’m no expert on rail systems, but I’ve always believed that an elevated system that can run freely over existing right-of-ways makes more sense than an antiquated system based on nearly 200 hundred year old technology. read more »
If Brookings' plan for Detroit isn't enough to get the job done, what is?
Turning around Detroit means facing head on the core problems that hobble the region, notably:
• America's worst big city race relations
• A population that is too big for current economic reality
• A management and labor culture rooted in an era that no longer exists and is unsuited to the modern economy
• A tax, regulatory, and political system toxic to business read more »
The Brookings Institution recently unveiled “The Detroit Project”, a plan to revive Detroit, in the New Republic. Brookings' plan has good elements and recognizes some important realities, but also has key gaps. It relies excessively on industrial policy and conventional approaches that are unlikely to drive a real turnaround in America's most troubled big city. read more »
The common line used by advocates of housing affordability has been that the solution lies in “free markets”. Yet this "free market" solution does not address the fundamental problem which is really a political one.
This true fundamental problem is particularly evident here in Britain, the leader in house price inflation and housing financial bubbles since the 1970s. In their recent report Global capital markets, the McKinsey Global Institute has confirmed what has been shown in recent Demographia surveys. read more »
By Richard Reep
“A walkable city, more like… Manhattan, Chicago, or San Francisco,” is how The Miami Herald characterizes the future of Miami under Miami 21, the new form-based code adopted on October 22nd by the Miami City Commission. This seems to be the hot new dream not just of Miami, but of all cities struggling under corruption and greed, codes and regulations, with an imagined underground urbanity, yearning to breathe free. Citizens may now expect to see Miami remodeled after cities that grew before the car came, but the lyrics to The Who’s “Won’t Get Fooled Again” echo in the minds of some: “Meet the new boss…same as the old boss.” read more »
I picked up a copy of The Wall Street Journal-Europe on the concourse while boarding my Emirates Air flight from Paris to Dubai. The lead story provided an unexpected relevance to the trip – my first to Dubai. Dubai World, owned by the Dubai government, had announced a 6-month moratorium on payments of some of its $60 billion in debt. Since the announcement, stock markets have been dropping and recovering, company officials have attempted to calm borrowers and government officials have provided considerably less assurance than Dubai’s investors would have preferred. read more »