When will the Labor Department come up with a statistic (GEP or Gross Entertainment Product) to measure to extent to which the economy is dependent on fun? The Pittsburgh Steelers are, at the very least, the emotional heart of Pittsburgh. In season on Sundays, the faithful wear their jerseys to church, and the city takes a reverential pause during the games, as it did during last Sunday’s AFC championship competition. Football wins in Pittsburgh are best understood as divine rapture, delivered by Steelers quarterback Ben Roethlisberger, despite his pre-season time in purgatory. read more »
Economists, planners and the media often focus on the extremes of real estate — the high-end properties or the foreclosed deserts, particularly in the suburban fringe. Yet to a large extent, they ignore what is arguably the most critical issue: affordability. read more »
The first decade of the new millennium was particularly hard on the US economy. First, there was the recession that followed the attacks of 9/11. That was followed by the housing bust and the resulting Great Financial Crisis, which was the most severe economic decline since the Great Depression. read more »
Different is not necessarily better or worse. I took notice of this upon moving from the Echo Park district of Los Angeles to Irvine. Some acquaintances and casual observers viewed it as a shift from ground zero of hipster chic to the center of conformity. Neither comes close to capturing the truth about either place.
Irvine is very different from Echo Park—not necessarily better or worse. That’s my point of view as a resident who appreciates aspects of both places. read more »
In the next two years, America’s large cities will face the greatest existential crisis in a generation. Municipal bonds are in the tank, having just suffered the worst quarterly performance in more than 16 years, a sign of flagging interest in urban debt. read more »
Florida's Tampa to Orlando high-speed rail project could be barreling down the tracks toward taxpayer obligations many times the $280 million currently advertised. That is the conclusion of my Reason Foundation report, The Tampa to Orlando High-Speed Rail Project: Florida Taxpayer Risk Assessment. read more »
I was welcomed home to Chicago from visiting family on Christmas Day by a cold house and a gas furnace that wasn't working. The next day a repair tech gave me the bad news about a blown circuit board that would cost over $500 to replace. But I heard that were was a $1500 tax credit for energy efficient upgrades that was expiring at year end. With $2000 in “free money” to spend, I thought maybe furnace replacement might be a better option. At eight years old, the furnace might have more years of life. read more »
For more than a century, people have been moving by the millions to larger urban areas from smaller urban areas and rural areas. Within the last five years, the share of the world population living in rural areas has dropped below one-half for the first time. The migration to the larger urban areas has spread to lower income nations as the countryside seemingly empties into places like Chongqing, Jakarta and Delhi. read more »
More than a car, plane or train tick, the “Hukou” (the residential permit system) is the key to mobility in China.
I can still remember what my junior high English teacher said to my classmates and I, “I really worry about you guys; if you don’t study hard, not only will you not be able to get a job, you will probably have nowhere to stay, while the kids from the countryside; at least they will have some land to grow plants on and a house to live in!” (In my junior high school, all of my classmates had an urban hukou.) read more »
This week the UK government announced an ”end to anti-car policies” reversing the guidance to local authorities to dissuade citizens from using their cars in favour of public transport. Charges for parking will be reined in, they promise.
It should be good news. The comically-named ”traffic calming” schemes put in place by the outgoing government were deeply unpopular. Still, we are getting used to taking our announcements from the new coalition government with a pinch of salt. read more »