New Economic Geography

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The Great Convergence: Information Technology and the New Globalization by Richard Baldwin

"World Economic Forum" Davos, 3D printing, additive manufacturing, Admiral Zheng, agricultural Revolution, air freight, Amazon Mechanical Turk, Berlin Wall, bilateral investment treaty, Branko Milanovic, buy low sell high, call centre, Columbian Exchange, commoditize, commodity super cycle, David Ricardo: comparative advantage, deindustrialization, domestication of the camel, Edward Glaeser, endogenous growth, Erik Brynjolfsson, export processing zone, financial intermediation, George Gilder, global supply chain, global value chain, Henri Poincaré, imperial preference, industrial cluster, industrial robot, intangible asset, invention of agriculture, invention of the telegraph, investor state dispute settlement, Isaac Newton, Islamic Golden Age, James Dyson, Kickstarter, knowledge economy, knowledge worker, Lao Tzu, low skilled workers, market fragmentation, mass immigration, Metcalfe’s law, New Economic Geography, out of africa, paper trading, Paul Samuelson, Pax Mongolica, profit motive, rent-seeking, reshoring, Richard Florida, rising living standards, Robert Metcalfe, Robert Solow, Second Machine Age, Simon Kuznets, Skype, Snapchat, Stephen Hawking, tacit knowledge, telepresence, telerobotics, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Washington Consensus

It is important to recognize two things about the pains of globalization. First, there is no gain from globalization without pain. Second, the solution to this dilemma is to establish a “social contract” that gives all citizens a stake in the gains and a share of the pains. The New Economic Geography The second package of economic logic, the New Economic Geography—known affectionately as NEG by aficionados—explains the riddle of uneven spatial development, which, simply put, is: How can lower trade cost—which should make distance matter less—produce such dramatically unbalanced distributions of economic activity such as cities, and the G7’s outsize share of world gross domestic product (GDP)?

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See also comparative (competitive) advantage; coordination; land; offshoring; policies; smuggling; spillovers; tariffs and protectionism; unions, labor Netherlands, 56, 235. See also imperialists New Economic Geography (NEG) , 179, 186–196, 189f, 194f, 208–211, 214 The New Geography of Jobs (Moretti), 228, 233, 235 New Globalization (Phase Four) (second unbundling): control and, 174–175, 176; endogenous growth/New Economic Geography and, 193–196, 194f; industrialization and, 7, 8; know-how and, 139; mental models and, 112, 113; moving ideas and, 161–162; North-South back-and-forth trade and, 97; North-South borders and, 151; North-South shift in manufacturing and, 7, 86–89, 142–145; Old Globalization (first unbundling) compared, 6, 138–141, 142–176, 166f–169, 177–220, 221; pace of change and, 170–171, 174, 176; poverty and, 105, 108f, 162–163, 242; predictability and, 171–172, 176; protectionism and, 98, 99–102; summaries, 6, 7, 10–14, 19, 48f–49, 77–78, 109–110, 142–277; winners and losers, 160–164.

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To account for the really broad-brush facts of globalization’s first unbundling, it is necessary to adjoin a few more elements to the Ricardian picture. The formal brushstokes were added by Nobel Prize–winning economist Paul Krugman and his coauthors Oxford professor Tony Venables and Kyoto professor Masahisa Fujita. The key ideas of the “new economic geography,” from their book The Spatial Economy, are explained in Chapter 6, but the main lines of logic can be extracted from the historical account in Chapter 2. FIGURE 39: Dynamic comparative advantage: trade, comparative advantage, innovation, and growth are all entwined. Globalization’s first acceleration (that is, the first unbundling) turned the world’s league tables on their head.

Why Information Grows: The Evolution of Order, From Atoms to Economies by Cesar Hidalgo

Ada Lovelace, Albert Einstein, Arthur Eddington, assortative mating, business cycle, Claude Shannon: information theory, David Ricardo: comparative advantage, Douglas Hofstadter, Everything should be made as simple as possible, Ford Model T, frictionless, frictionless market, George Akerlof, Gödel, Escher, Bach, income inequality, income per capita, industrial cluster, information asymmetry, invention of the telegraph, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, job satisfaction, John von Neumann, Joi Ito, New Economic Geography, Norbert Wiener, p-value, Paul Samuelson, phenotype, price mechanism, Richard Florida, Robert Solow, Ronald Coase, Rubik’s Cube, seminal paper, Silicon Valley, Simon Kuznets, Skype, statistical model, Steve Jobs, Steve Wozniak, Steven Pinker, Stuart Kauffman, tacit knowledge, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, working-age population

These include the neoclassical approaches of Paul Krugman, Masahisa Fujita, and Anthony Venables. As described by Krugman, the new economic geography is a theoretical effort to figure out why industries would locate in a certain location (agglomeration). The goal of the new economic geography is to develop general-equilibrium models that are completely endogenous. These are models where constraints on both money and resources are honored, and where supply, demand, and population are determined endogenously from the models. To achieve its goal, the new economic geography uses a number of theoretical tricks that help make these models tractable. These include the use of Dixit and Stiglitz’s monopolistic competition model (Avinash K.

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In fact, early efforts to calibrate the models found that these have a tendency to agglomerate that was stronger than that observed in the real economy (see, for example, Paul Krugman, “What’s New About the New Economic Geography?,” Oxford Review of Economic Policy 14, no. 2 [1998]: 7–17), and more recent attempts to find evidence have generated more discussion than answers (see, for example, Stephen J. Redding, “The Empirics of the New Economic Geography,” Journal of Regional Science 50, no. 1 [2010]: 297–311). Another approach that hinges on individuals, albeit differently from the approach followed by the new economic geographers, is the work of urban theorist Richard Florida.

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Norbert Wiener, The Human Use of Human Beings: Cybernetics and Society (Boston: Houghton Mifflin, 1950). CHAPTER 6: THIS TIME, IT’S PERSONAL 1. The question of which industries locate where and why has given rise to at least four theoretical streams of literature: the literature on industrial clusters, the “new economic geography” (which is the neoclassical stream of this literature), the economic geography literature focusing on institutions and culture, and the evolutionary economic geography literature. One could argue that these different strands of literature reflect academic alliances and divisions, but I will describe them not in terms of academic divisions but in terms of how they conceptualize sources of economic advantage and the patterns of industrial diversification and specialization found in different locations.

The New Class Conflict by Joel Kotkin

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, Alvin Toffler, American Society of Civil Engineers: Report Card, back-to-the-city movement, Bob Noyce, Boston Dynamics, California gold rush, Californian Ideology, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, classic study, Cornelius Vanderbilt, creative destruction, crony capitalism, David Graeber, degrowth, deindustrialization, do what you love, don't be evil, Downton Abbey, driverless car, Edward Glaeser, Elon Musk, energy security, falling living standards, future of work, Future Shock, Gini coefficient, Google bus, Herman Kahn, housing crisis, income inequality, independent contractor, informal economy, Internet of things, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kevin Roose, labor-force participation, Larry Ellison, Lewis Mumford, low interest rates, low-wage service sector, Marc Andreessen, Mark Zuckerberg, Mary Meeker, mass affluent, McJob, McMansion, medical bankruptcy, microapartment, Nate Silver, National Debt Clock, New Economic Geography, new economy, New Urbanism, obamacare, offshore financial centre, Paul Buchheit, payday loans, Peter Calthorpe, plutocrats, post-industrial society, public intellectual, RAND corporation, Ray Kurzweil, rent control, rent-seeking, Report Card for America’s Infrastructure, Richard Florida, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Solyndra, Steve Jobs, stock buybacks, tech worker, techlash, technoutopianism, The Death and Life of Great American Cities, Thomas L Friedman, Tony Fadell, too big to fail, transcontinental railway, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, upwardly mobile, urban planning, urban sprawl, Virgin Galactic, War on Poverty, women in the workforce, working poor, young professional

Aaron M. Renn, “Is Urbanism the New Trickle-Down Economics?” New Geography, February 7, 2013, http://www.newgeography.com/content/003470-is-urbanism-new-trickle-down-economics; Richard Florida, “More Losers Than Winners in America’s New Economic Geography,” CityLab, January 30, 2013, http://www.citylab.com/work/2013/01/more-losers-winners-americas-new-economic-geography/4465. 42. Joel Kotkin, “The Geography of Aging: Why Millennials Are Headed to the Suburbs,” New Geography, December 9, 2013, http://www.newgeography.com/content/004084-the-geography-of-aging-why-millennials-are-headed-to-the-suburbs. 43.

The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida

affirmative action, Airbnb, back-to-the-city movement, basic income, Bernie Sanders, bike sharing, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, gentrification, Gini coefficient, Google bus, high net worth, high-speed rail, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, megaproject, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, off-the-grid, opioid epidemic / opioid crisis, Paul Graham, plutocrats, RAND corporation, rent control, rent-seeking, restrictive zoning, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, SimCity, sovereign wealth fund, streetcar suburb, superstar cities, tech worker, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Rise and Fall of American Growth, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Tyler Cowen, Uber and Lyft, uber lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional

Thomas Piketty, Capital in the Twenty-First Century (Cambridge, MA: Belknap Press of Harvard University Press, 2013); Richard Florida, “The New American Dream,” Washington Monthly, March 2003; Richard Florida, The Flight of the Creative Class (New York: HarperCollins, 2005). 4. Richard Florida, “More Losers Than Winners in America’s New Economic Geography,” CityLab, January 30, 2013, www.citylab.com/work/2013/01/more-losers-winners-americas-new-economic-geography/4465. 5. Joel Kotkin, “Richard Florida Concedes the Limits of the Creative Class,” Daily Beast, March 20, 2013, www.thedailybeast.com/articles/2013/03/20/richard-florida-concedes-the-limits-of-the-creative-class.html; Richard Florida, “Did I Abandon My Creative Class Theory?

Connectography: Mapping the Future of Global Civilization by Parag Khanna

"World Economic Forum" Davos, 1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 9 dash line, additive manufacturing, Admiral Zheng, affirmative action, agricultural Revolution, Airbnb, Albert Einstein, amateurs talk tactics, professionals talk logistics, Amazon Mechanical Turk, Anthropocene, Asian financial crisis, asset allocation, autonomous vehicles, banking crisis, Basel III, Berlin Wall, bitcoin, Black Swan, blockchain, borderless world, Boycotts of Israel, Branko Milanovic, BRICs, British Empire, business intelligence, call centre, capital controls, Carl Icahn, charter city, circular economy, clean water, cloud computing, collateralized debt obligation, commoditize, complexity theory, continuation of politics by other means, corporate governance, corporate social responsibility, credit crunch, crony capitalism, crowdsourcing, cryptocurrency, cuban missile crisis, data is the new oil, David Ricardo: comparative advantage, deglobalization, deindustrialization, dematerialisation, Deng Xiaoping, Detroit bankruptcy, digital capitalism, digital divide, digital map, disruptive innovation, diversification, Doha Development Round, driverless car, Easter island, edge city, Edward Snowden, Elon Musk, energy security, Ethereum, ethereum blockchain, European colonialism, eurozone crisis, export processing zone, failed state, Fairphone, Fall of the Berlin Wall, family office, Ferguson, Missouri, financial innovation, financial repression, fixed income, forward guidance, gentrification, geopolitical risk, global supply chain, global value chain, global village, Google Earth, Great Leap Forward, Hernando de Soto, high net worth, high-speed rail, Hyperloop, ice-free Arctic, if you build it, they will come, illegal immigration, income inequality, income per capita, industrial cluster, industrial robot, informal economy, Infrastructure as a Service, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, Jane Jacobs, Jaron Lanier, John von Neumann, Julian Assange, Just-in-time delivery, Kevin Kelly, Khyber Pass, Kibera, Kickstarter, LNG terminal, low cost airline, low earth orbit, low interest rates, manufacturing employment, mass affluent, mass immigration, megacity, Mercator projection, Metcalfe’s law, microcredit, middle-income trap, mittelstand, Monroe Doctrine, Multics, mutually assured destruction, Neal Stephenson, New Economic Geography, new economy, New Urbanism, off grid, offshore financial centre, oil rush, oil shale / tar sands, oil shock, openstreetmap, out of africa, Panamax, Parag Khanna, Peace of Westphalia, peak oil, Pearl River Delta, Peter Thiel, Philip Mirowski, Planet Labs, plutocrats, post-oil, post-Panamax, precautionary principle, private military company, purchasing power parity, quantum entanglement, Quicken Loans, QWERTY keyboard, race to the bottom, Rana Plaza, rent-seeking, reserve currency, Robert Gordon, Robert Shiller, Robert Solow, rolling blackouts, Ronald Coase, Scramble for Africa, Second Machine Age, sharing economy, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, six sigma, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, Stuxnet, supply-chain management, sustainable-tourism, systems thinking, TaskRabbit, tech worker, TED Talk, telepresence, the built environment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, Tim Cook: Apple, trade route, Tragedy of the Commons, transaction costs, Tyler Cowen, UNCLOS, uranium enrichment, urban planning, urban sprawl, vertical integration, WikiLeaks, Yochai Benkler, young professional, zero day

There are more such inter-city networks today than international organizations. 12. EUROPE FRAGMENTS AS IT GROWS TOGETHER Credit pai1.12 Europe has a substantial number of separatist movements, but even as it devolves, new nations can become members of the collective European Union (EU). 13. MEGACITIES AS THE NEW ECONOMIC GEOGRAPHY Credit pai1.13 Urban archipelagos represent a growing share of national economies. Moscow, São Paulo, Lagos, and Johannesburg are representative of growth markets where one city dominates the economic landscape. 14. AFRICA’S REMAINING FAULT LINES Credit pai1.14 Africa’s map still features many separatist movements that could lead to the creation of new states, as well as a large number of effectively autonomous provinces within African countries. 15.

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Created by University of Wisconsin–Madison Cartography Laboratory. City Leadership Initiative; C40 Cities; University College London (UCL). pai1.12 Europe Fragments as It Grows Together. Created by University of Wisconsin–Madison Cartography Laboratory. Business Insider; European Free Alliance; Natural Earth; Wikipedia. pai1.13 Megacities as the New Economic Geography. Created by University of Wisconsin–Madison Cartography Laboratory. Brookings Institution; International Monetary Fund; Lagos Bureau of Statistics; Natural Earth; Oak Ridge National Library. pai1.14 Africa’s Remaining Fault Lines. Created by University of Wisconsin–Madison Cartography Laboratory.

Aerotropolis by John D. Kasarda, Greg Lindsay

3D printing, air freight, airline deregulation, airport security, Akira Okazaki, Alvin Toffler, An Inconvenient Truth, Asian financial crisis, back-to-the-land, barriers to entry, Bear Stearns, Berlin Wall, big-box store, blood diamond, Boeing 747, book value, borderless world, Boris Johnson, British Empire, business cycle, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, Charles Lindbergh, Clayton Christensen, clean tech, cognitive dissonance, commoditize, company town, conceptual framework, credit crunch, David Brooks, David Ricardo: comparative advantage, Deng Xiaoping, deskilling, digital map, disruptive innovation, Dr. Strangelove, Dutch auction, Easter island, edge city, Edward Glaeser, Eyjafjallajökull, failed state, financial engineering, flag carrier, flying shuttle, food miles, Ford Model T, Ford paid five dollars a day, Frank Gehry, fudge factor, fulfillment center, full employment, future of work, Future Shock, General Motors Futurama, gentleman farmer, gentrification, Geoffrey West, Santa Fe Institute, George Gilder, global supply chain, global village, gravity well, Great Leap Forward, Haber-Bosch Process, Hernando de Soto, high-speed rail, hive mind, if you build it, they will come, illegal immigration, inflight wifi, intangible asset, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), intermodal, invention of the telephone, inventory management, invisible hand, Jane Jacobs, Jeff Bezos, Jevons paradox, Joan Didion, Kangaroo Route, Kickstarter, Kiva Systems, knowledge worker, kremlinology, land bank, Lewis Mumford, low cost airline, Marchetti’s constant, Marshall McLuhan, Masdar, mass immigration, McMansion, megacity, megaproject, Menlo Park, microcredit, military-industrial complex, Network effects, New Economic Geography, new economy, New Urbanism, oil shale / tar sands, oil shock, One Laptop per Child (OLPC), peak oil, Pearl River Delta, Peter Calthorpe, Peter Thiel, pets.com, pink-collar, planned obsolescence, pre–internet, RFID, Richard Florida, Ronald Coase, Ronald Reagan, Rubik’s Cube, savings glut, Seaside, Florida, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, SimCity, Skype, smart cities, smart grid, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, spinning jenny, starchitect, stem cell, Steve Jobs, Suez canal 1869, sunk-cost fallacy, supply-chain management, sustainable-tourism, tech worker, telepresence, the built environment, The Chicago School, The Death and Life of Great American Cities, the long tail, The Nature of the Firm, thinkpad, Thomas L Friedman, Thomas Malthus, Tony Hsieh, trade route, transcontinental railway, transit-oriented development, traveling salesman, trickle-down economics, upwardly mobile, urban planning, urban renewal, urban sprawl, vertical integration, Virgin Galactic, walkable city, warehouse robotics, white flight, white picket fence, Yogi Berra, zero-sum game

It might be reflected in property values around the hub, or in rents and occupancy rates for office and warehouse space. It can even be seen in the average household incomes of local residents—$172,945 in Southlake, compared to $105,000 in Virginia’s Loudon and Fairfax counties, which share Dulles. The aerotropolis represents what Kasarda describes as a new economic geography, which takes the relationship of location and connectivity into account and prices their true worth accordingly. He didn’t have a chance to apply his theorem to DFW; someone beat him to it. The Aerotropolis on the Hills A few of the glittering towers featured in the opening credits of Dallas are found not downtown but on DFW’s eastern flank, opposite Southlake and Euless.

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It’s the largest business district from here to Chicago. Carpenter intuitively understood Kasarda’s Law, and so do his disciples at the local Chamber of Commerce. “We sell three things,” its executive director told me, “location, accessibility, and speed.” As sterile as it sounds, Las Colinas is proof of this new economic geography. Fluor’s peripatetic executives turn out to be the exception, not the rule. The majority of inhabitants shuttle only between their cubicles and home. What’s changed is the premium tenants pay for the potential connectivity of the airport. It’s ten minutes away if they need it, and often they do— more and more, in fact.

The Great Reset: How the Post-Crash Economy Will Change the Way We Live and Work by Richard Florida

"World Economic Forum" Davos, Alan Greenspan, banking crisis, big-box store, bike sharing, blue-collar work, business cycle, car-free, carbon footprint, collapse of Lehman Brothers, company town, congestion charging, congestion pricing, creative destruction, deskilling, edge city, Edward Glaeser, falling living standards, financial engineering, financial innovation, Ford paid five dollars a day, high net worth, high-speed rail, Home mortgage interest deduction, housing crisis, if you build it, they will come, income inequality, indoor plumbing, interchangeable parts, invention of the telephone, Jane Jacobs, Joseph Schumpeter, knowledge economy, Lewis Mumford, low skilled workers, manufacturing employment, McMansion, megaproject, Menlo Park, Nate Silver, New Economic Geography, new economy, New Urbanism, oil shock, Own Your Own Home, pattern recognition, peak oil, Ponzi scheme, post-industrial society, postindustrial economy, reserve currency, Richard Florida, Robert Shiller, scientific management, secular stagnation, Silicon Valley, Silicon Valley startup, social intelligence, sovereign wealth fund, starchitect, the built environment, The Wealth of Nations by Adam Smith, Thomas L Friedman, total factor productivity, urban decay, urban planning, urban renewal, white flight, young professional, Zipcar

As often as not, that group effort extended beyond the immediate household. How many of us have grown up hearing about the old neighborhood of their parents’ or grandparents’ generation: aunts and uncles and cousins and grandparents living up and down the block or around the corner, all part of a unified support system. That, however, would change with the new economic geography of the Second Reset, as more and more people moved away from these dense and cohesive enclaves to find more privacy and freedom—their private piece of the dream in the new suburbs. Suburbanization had actually begun in the first few decades of the century. As electrical power grids, along with rail and streetcar lines, extended beyond old city limits, construction and population followed.

The Logic of Life: The Rational Economics of an Irrational World by Tim Harford

activist fund / activist shareholder / activist investor, affirmative action, Albert Einstein, Andrei Shleifer, barriers to entry, behavioural economics, Berlin Wall, business cycle, colonial rule, company town, Daniel Kahneman / Amos Tversky, double entry bookkeeping, Dr. Strangelove, Edward Glaeser, en.wikipedia.org, endowment effect, European colonialism, experimental economics, experimental subject, George Akerlof, income per capita, invention of the telephone, Jane Jacobs, John von Neumann, Larry Ellison, law of one price, Martin Wolf, mutually assured destruction, New Economic Geography, new economy, Patri Friedman, plutocrats, Richard Florida, Richard Thaler, Ronald Reagan, Silicon Valley, spinning jenny, Steve Jobs, The Death and Life of Great American Cities, the market place, the strength of weak ties, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Tyler Cowen, women in the workforce, zero-sum game

Jaffe, Manuel Trajtenberg, and Rebecca Henderson, “Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations,” Quarterly Journal of Economics 108, no. 3(August 1993): 577–98. I also interviewed Adam Jaffe in November 2006. To see the reason: The canonical model of this argument is the paper that launched the so-called New Economic Geography, Paul Krugman’s elegant “Increasing Returns and Economic Geography,” Journal of Political Economy 99, no. 3(June 1991): 483–99. This and many other Krugman academic papers are available at math.stanford.edu/~lekheng/ krugman/index.html. Looking at the location: David B. Audretsch and Maryann P.

The 100-Year Life: Living and Working in an Age of Longevity by Lynda Gratton, Andrew Scott

"World Economic Forum" Davos, 3D printing, Airbnb, asset light, assortative mating, behavioural economics, carbon footprint, carbon tax, classic study, Clayton Christensen, collapse of Lehman Brothers, creative destruction, crowdsourcing, deep learning, delayed gratification, disruptive innovation, diversification, Downton Abbey, driverless car, Erik Brynjolfsson, falling living standards, financial engineering, financial independence, first square of the chessboard, first square of the chessboard / second half of the chessboard, future of work, gender pay gap, gig economy, Google Glasses, indoor plumbing, information retrieval, intangible asset, Isaac Newton, job satisfaction, longitudinal study, low skilled workers, Lyft, Nelson Mandela, Network effects, New Economic Geography, old age dependency ratio, pattern recognition, pension reform, Peter Thiel, Ray Kurzweil, Richard Florida, Richard Thaler, risk free rate, Second Machine Age, sharing economy, Sheryl Sandberg, side project, Silicon Valley, smart cities, Stanford marshmallow experiment, Stephen Hawking, Steve Jobs, tacit knowledge, The Future of Employment, uber lyft, warehouse robotics, women in the workforce, young professional

., What Millennials Want from Work: How to Maximize Engagement in Today’s Workforce (Center for Creative Leadership; McGraw-Hill, 2016). 15Scharmer, Theory U. 16The novel The Makers by Corey Doctorow is a good fictional explanation of this lifestyle and accreditation process although that novel focuses on how these trends subvert existing organizational trends. 17http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2015/05/kauffman_index_startup_activity_national_trends_2015.pdf 18See Moretti, ‘The New Economic Geography of Jobs’ for a detailed analysis of this specific issue; or Glaeser, E., ‘Triumph of the City’ (Macmillan, 2011) for the general advantages of cities in terms of innovation and creativity from connectedness, scale and competition. 19http://www.economist.com/news/leaders/21573104-internet-everything-hire-rise-sharing-economy 20Ibarra, H., Working Identity: Unconventional Strategies for Reinventing Your Career (Harvard Business School Press, 2003).

The Internet Trap: How the Digital Economy Builds Monopolies and Undermines Democracy by Matthew Hindman

A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, AltaVista, Amazon Web Services, barriers to entry, Benjamin Mako Hill, bounce rate, business logic, Cambridge Analytica, cloud computing, computer vision, creative destruction, crowdsourcing, David Ricardo: comparative advantage, death of newspapers, deep learning, DeepMind, digital divide, discovery of DNA, disinformation, Donald Trump, fake news, fault tolerance, Filter Bubble, Firefox, future of journalism, Ida Tarbell, incognito mode, informal economy, information retrieval, invention of the telescope, Jeff Bezos, John Perry Barlow, John von Neumann, Joseph Schumpeter, lake wobegon effect, large denomination, longitudinal study, loose coupling, machine translation, Marc Andreessen, Mark Zuckerberg, Metcalfe’s law, natural language processing, Netflix Prize, Network effects, New Economic Geography, New Journalism, pattern recognition, peer-to-peer, Pepsi Challenge, performance metric, power law, price discrimination, recommendation engine, Robert Metcalfe, search costs, selection bias, Silicon Valley, Skype, sparse data, speech recognition, Stewart Brand, surveillance capitalism, technoutopianism, Ted Nelson, The Chicago School, the long tail, The Soul of a New Machine, Thomas Malthus, web application, Whole Earth Catalog, Yochai Benkler

For example, it predicted that countries with the largest domestic markets would end up being net exporters—something that turned out to be true. This chapter is about building simple economic models of online content production. The style of these models owes much to the so-called “increasing returns revolution” that began in the industrial organization literature,3 and then found expression in the “new trade theory” and in the “new economic geography” scholarship that Krugman’s work exemplified. This parallel is no accident. If economic geography studies the production and consumption of goods in space, much of this book is about understanding where content will be produced and consumed in cyberspace. There is a clear analogy between the industrial agglomeration we see in the real world, and the traffic concentration we see online.

The Curse of Cash by Kenneth S Rogoff

Alan Greenspan, Andrei Shleifer, Asian financial crisis, bank run, Ben Bernanke: helicopter money, Berlin Wall, bitcoin, blockchain, Boris Johnson, Bretton Woods, business cycle, capital controls, Carmen Reinhart, cashless society, central bank independence, cryptocurrency, debt deflation, disruptive innovation, distributed ledger, Dr. Strangelove, Edward Snowden, Ethereum, ethereum blockchain, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial exclusion, financial intermediation, financial repression, forward guidance, frictionless, full employment, George Akerlof, German hyperinflation, government statistician, illegal immigration, inflation targeting, informal economy, interest rate swap, Isaac Newton, Johann Wolfgang von Goethe, Johannes Kepler, Kenneth Rogoff, labor-force participation, large denomination, liquidity trap, low interest rates, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, moveable type in China, New Economic Geography, offshore financial centre, oil shock, open economy, payday loans, price stability, purchasing power parity, quantitative easing, RAND corporation, RFID, savings glut, secular stagnation, seigniorage, The Great Moderation, the payments system, The Rise and Fall of American Growth, transaction costs, unbanked and underbanked, unconventional monetary instruments, underbanked, unorthodox policies, Y2K, yield curve

In Proceedings of the Kansas City Federal Reserve Bank Symposium on Monetary Policy and Uncertainty: Adapting to a Changing Economy, Jackson Hole, WY, August 28–30, 2003. Kansas City Federal Reserve Bank. ———. 2007. “Impact of Globalization on Monetary Policy.” In Proceedings of the Kansas City Federal Reserve Bank Symposium on the New Economic Geography: Effects and Policy Implications, Jackson Hole, WY, August 2006. Kansas City Federal Reserve Bank. ———. 2008. “Inflation Is Now the Lesser Evil.” Project Syndicate, December. Available at http://www.project-syndicate.org/commentary/inflation-is-now-the-lesser-evil. ———. 2014. “Costs and Benefits to Phasing Out Paper Currency.”

Lectures on Urban Economics by Jan K. Brueckner

accelerated depreciation, affirmative action, Andrei Shleifer, behavioural economics, company town, congestion charging, Edward Glaeser, invisible hand, market clearing, mortgage tax deduction, negative equity, New Economic Geography, profit maximization, race to the bottom, rent control, rent-seeking, Ronald Coase, The Nature of the Firm, transaction costs, urban sprawl

Since the book has grown out of my own research on a variety of topics in urban economics, the references include an unavoidably large number of my own papers. Other researchers should recognize that this pattern does not reflect an opinion about relative contributions to the field. Again reflecting my own interests within urban economics, the book contains less material on the New Economic Geography, an area of active research in the field since the early 1990s, than would a book written by an NEG researcher. The material relevant to NEG is confined to chapter 1. The book’s suitability as a text for an undergraduate course in urban economics, or for a series of such courses, would depend on the length of the course(s).

Democracy and Prosperity: Reinventing Capitalism Through a Turbulent Century by Torben Iversen, David Soskice

Andrei Shleifer, assortative mating, augmented reality, barriers to entry, Big Tech, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, centre right, clean tech, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, confounding variable, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, deskilling, Donald Trump, first-past-the-post, full employment, general purpose technology, gentrification, Gini coefficient, hiring and firing, implied volatility, income inequality, industrial cluster, inflation targeting, invisible hand, knowledge economy, labor-force participation, liberal capitalism, low skilled workers, low-wage service sector, means of production, middle-income trap, mirror neurons, mittelstand, Network effects, New Economic Geography, new economy, New Urbanism, non-tariff barriers, Occupy movement, offshore financial centre, open borders, open economy, passive investing, precariat, race to the bottom, radical decentralization, rent-seeking, RFID, road to serfdom, Robert Bork, Robert Gordon, Silicon Valley, smart cities, speech recognition, tacit knowledge, The Future of Employment, The Great Moderation, The Rise and Fall of American Growth, the strength of weak ties, too big to fail, trade liberalization, union organizing, urban decay, vertical integration, Washington Consensus, winner-take-all economy, working-age population, World Values Survey, young professional, zero-sum game

Hall and David Soskice, 145–83. Oxford: Oxford University Press. Eurofound. 2015. “Workplace Practices—Patterns, Performance, and Well-being.” Third European Company Survey, Overview Report. Luxembourg: Publications Office of the European Union. Feldmann, Maryann P. 2000. “Location and Innovation: The New Economic Geography of Innovation, Spillovers, and Agglomeration.” In The Oxford Handbook of Economic Geography, eds. Gordon Clark, Mayann P. Feldmann, Meric Gertler, and Kate Williams, 373–94. Oxford: Oxford University Press. Fioretos, Orfeo. 2011. Creative Reconstructions: Multilateralism and European Varieties of Capitalism after 1950.

The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson

air freight, anti-communist, barriers to entry, Bay Area Rapid Transit, British Empire, business cycle, call centre, collective bargaining, conceptual framework, David Ricardo: comparative advantage, deindustrialization, deskilling, Edward Glaeser, Erik Brynjolfsson, flag carrier, full employment, global supply chain, intermodal, Isaac Newton, job automation, Jones Act, knowledge economy, Malcom McLean invented shipping containers, manufacturing employment, Network effects, New Economic Geography, new economy, oil shock, Panamax, Port of Oakland, post-Panamax, Productivity paradox, refrigerator car, Robert Solow, South China Sea, trade route, vertical integration, Works Progress Administration, Yom Kippur War, zero-sum game

Poor countries, desperate to climb the rungs of the ladder of economic development, could realistically dream of becoming suppliers to wealthy countries far away. Huge industrial complexes mushroomed in places like Los Angeles and Hong Kong, only because the cost of bringing raw materials in and sending finished goods out had dropped like a stone.1 This new economic geography allowed firms whose ambitions had been purely domestic to become international companies, exporting their products almost as effortlessly as selling them nearby. If they did, though, they soon discovered that cheaper shipping benefited manufacturers in Thailand or Italy just as much. Those who had no wish to go international, who sought only to serve their local clientele, learned that they had no choice: like it or not, they were competing globally because the global market was coming to them.

Vanishing New York by Jeremiah Moss

activist lawyer, back-to-the-city movement, Bernie Sanders, big-box store, Black Lives Matter, Bonfire of the Vanities, bread and circuses, Broken windows theory, complexity theory, creative destruction, David Brooks, deindustrialization, Donald Trump, East Village, food desert, gentrification, global pandemic, housing crisis, illegal immigration, invisible hand, Jane Jacobs, junk bonds, late capitalism, Lewis Mumford, market fundamentalism, Mason jar, McMansion, means of production, megaproject, military-industrial complex, mirror neurons, Naomi Klein, neoliberal agenda, New Economic Geography, new economy, New Urbanism, Occupy movement, place-making, plutocrats, Potemkin village, RAND corporation, rent control, rent stabilization, Richard Florida, Ronald Reagan, Skype, starchitect, the built environment, The Death and Life of Great American Cities, the High Line, The Spirit Level, trickle-down economics, urban decay, urban renewal, W. E. B. Du Bois, white flight, young professional

, citing Leo Goldberg, “Game of Zones: Neighborhood Rezonings and Uneven Urban Growth in Bloomberg’s New York City” (M.C.P. thesis, Massachusetts Institute of Technology, 2015). 301Cynthia Cornell, quoted in Brendan Bartholomew, “Gentrification Evictions Could Amount to Elder Abuse,” San Francisco Examiner, March 10, 2016. 302Robin Middleton, quoted by Harlem historian and activist Michael Henry Adams on his Facebook page. 314On chains and “bourgeoisie aestheticism,” see Daniel Akst, “On the Contrary; Why Chain Stores Aren’t the Big Bad Wolf,” New York Times, June 3, 2001. 22 GENTRIFIERS AND THE NEW MANIFEST DESTINY 322“Artists: NYC Is Not for Sale,” discussion, part of the Decolonize This Place project, October 29, 2016. 323Manuel Castells, The City and the Grassroots: A Cross-Cultural Theory of Urban Social Movements (Berkeley: University of California Press, 1984). 324Jamie Peck, “Struggling with the Creative Class,” International Journal of Urban and Regional Research 29, no. 4 (2005). 324Bloomberg’s transportation commissioner knew well: Samuel Stein, “Bike Lanes and Gentrification: New York City’s Shades of Green,” Progressive Planning, no. 188 (Summer 2011). 323–325Richard Florida, “The Creative Class and Economic Development,” Economic Development Quarterly 28, no. 3 (2014); Richard Florida, “More Losers Than Winners in America’s New Economic Geography,” CityLab, January 30, 2013. On the dark side: Lydia De-Pillis, “The Re-education of Richard Florida,” Houston Chronicle, October 24, 2016. 23 BROOKLYN 331Truman Capote, “Brooklyn Heights: A Personal Memoir,” Holiday, February 1959. 335–336Mark Greif, What Was the Hipster? A Sociological Investigation (New York: n+1 Foundation, 2010), and “What Was the Hipster,” New York, October 24, 2010. 338On Williamsburg racial shift of population, see Philip DePaolo and Sylvia Morse, “Williamsburg: Zoning Out Latinos,” in Angotti and Morse, eds., Zoned Out!

The State and the Stork: The Population Debate and Policy Making in US History by Derek S. Hoff

affirmative action, Alan Greenspan, Alfred Russel Wallace, back-to-the-land, British Empire, business cycle, classic study, clean water, creative destruction, David Ricardo: comparative advantage, demographic transition, desegregation, Edward Glaeser, feminist movement, full employment, garden city movement, Garrett Hardin, George Gilder, Gregor Mendel, Gunnar Myrdal, guns versus butter model, Herman Kahn, immigration reform, income inequality, income per capita, invisible hand, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, Joseph Schumpeter, labor-force participation, Lewis Mumford, manufacturing employment, mass immigration, New Economic Geography, new economy, old age dependency ratio, open immigration, Paul Samuelson, peak oil, pensions crisis, profit motive, public intellectual, Ralph Waldo Emerson, road to serfdom, Robert Solow, Ronald Reagan, scientific management, Scientific racism, secular stagnation, Simon Kuznets, The Chicago School, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, trickle-down economics, urban planning, urban sprawl, W. E. B. Du Bois, wage slave, War on Poverty, white flight, zero-sum game

Economist Ralph Hess suggested in The Foundations of National Prosperity, a 1917 collection of essays edited by Richard Ely, “Settlement and industries should be so located as to secure the fullest possible benefits from the natural resources of the country, as well as the benefits of mechanical development and scientific discoveries.”160 Meanwhile, the spread of electrification in the 1920s enhanced the locational flexibility of American firms—and thus supported calls for the state to engineer new economic geographies.161 Resource economists focused on localized pockets of overpopulation where resources had become exhausted but people remained—for example in Appalachia and in the “cut-over” lands of northern Wisconsin and Minnesota, where the timber industry left depleted forests and an economically redundant surplus population in its wake.162 Within the federal government, a Department of Labor study called Employment and Natural Resources, penned by Benton MacKaye, subsequently a co-founder of the Wilderness Society and a leading midcentury conservationist, called for new governmentsponsored communities on public lands to combat inefficient land use (and the deceasing real wages of the American worker).163 US Department of Agriculture economists also promoted the idea of engineering population movements.

The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma

"World Economic Forum" Davos, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, driverless car, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, financial engineering, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, global macro, Goodhart's law, guns versus butter model, hiring and firing, hype cycle, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Japanese asset price bubble, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, Larry Ellison, lateral thinking, liberal capitalism, low interest rates, Malacca Straits, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, megacity, megaproject, Mexican peso crisis / tequila crisis, middle-income trap, military-industrial complex, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, open immigration, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, tacit knowledge, tech billionaire, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, work culture , working-age population

Essien, Victor. “Regional Trade Agreements in Africa: A Historical and Bibliographic Account of ECOWAS and CEMAC.” NYU Global, 2006. “Fortnightly Thoughts: Brighter Lights, Bigger Cities.” Goldman Sachs Global Investment Research, November 21, 2013. Fujita, Masahisa, and Paul Krugman. “The New Economic Geography: Past, Present, and the Future.” Papers in Regional Science 83 (2004): 139–64. Glaeser, Edward L., and Albert Saiz. “The Rise of the Skilled City.” National Bureau of Economic Research, Working Paper no. 10191, December 2003. Guha, Ramachandra. “Ideas of Public Service.” Telegraph, July 11, 2015.

The Discovery of France by Graham Robb

Brownian motion, deindustrialization, Honoré de Balzac, Louis Pasteur, New Economic Geography, Peace of Westphalia, price stability, Suez canal 1869, trade route, urban sprawl

These missionary organizations trained guides and porters, persuaded rival villages to work together, laid out signposted walks and organized ‘caravanes scolaires’ and ‘colonies de vacances’ for schoolchildren. They also encouraged hotels to display their prices and not overcharge tourists. Long before paid holidays for workers were introduced in 1936, a new economic geography of France was taking shape: the Vosges were the Alps of the petite bourgeoisie, and the mountains of the Auvergne were the poor man’s Pyrenees.40 The touring clubs were pioneers in the tradition of the eighteenth-century map-makers. They not only popularized obscure parts of France, they also discovered them.

City: Urbanism and Its End by Douglas W. Rae

agricultural Revolution, barriers to entry, business climate, City Beautiful movement, classic study, complexity theory, creative destruction, desegregation, edge city, Ford Model T, gentrification, ghettoisation, Glass-Steagall Act, Gunnar Myrdal, income per capita, informal economy, information asymmetry, interchangeable parts, invisible hand, James Watt: steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Kickstarter, Lewis Mumford, manufacturing employment, New Economic Geography, new economy, New Urbanism, open immigration, Peter Calthorpe, plutocrats, public intellectual, Saturday Night Live, streetcar suburb, the built environment, The Death and Life of Great American Cities, the market place, urban planning, urban renewal, vertical integration, War on Poverty, white flight, Works Progress Administration

No store can be insured against the disappearance of its customers or the obsolescence of its merchandise. No profitable line of business—from hotels to stores specializing in caged birds, from stationery stores to saloons—will stand for long undisturbed by the curiosity of would-be competitors. No place—city, suburb, hamlet, or farmstead—is secure against the emergence of a new economic geography that drains vital populations and investments in the space of a few decades. In seeking ever fresh forms of production, ever larger markets, ever higher returns on investment, capitalism routinely destroys older ways of doing business, older technologies, older plants—and in so doing profoundly transforms the communities that have formed around them.

The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite by Daniel Markovits

8-hour work day, activist fund / activist shareholder / activist investor, affirmative action, algorithmic management, Amazon Robotics, Anton Chekhov, asset-backed security, assortative mating, basic income, Bernie Sanders, big-box store, business cycle, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, carried interest, collateralized debt obligation, collective bargaining, compensation consultant, computer age, corporate governance, corporate raider, crony capitalism, David Brooks, deskilling, Detroit bankruptcy, disruptive innovation, Donald Trump, Edward Glaeser, Emanuel Derman, equity premium, European colonialism, everywhere but in the productivity statistics, fear of failure, financial engineering, financial innovation, financial intermediation, fixed income, Ford paid five dollars a day, Frederick Winslow Taylor, fulfillment center, full employment, future of work, gender pay gap, gentrification, George Akerlof, Gini coefficient, glass ceiling, Glass-Steagall Act, Greenspan put, helicopter parent, Herbert Marcuse, high net worth, hiring and firing, income inequality, industrial robot, interchangeable parts, invention of agriculture, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, junk bonds, Kevin Roose, Kiva Systems, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, Larry Ellison, longitudinal study, low interest rates, low skilled workers, machine readable, manufacturing employment, Mark Zuckerberg, Martin Wolf, mass incarceration, medical residency, meritocracy, minimum wage unemployment, Myron Scholes, Nate Silver, New Economic Geography, new economy, offshore financial centre, opioid epidemic / opioid crisis, Paul Samuelson, payday loans, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, purchasing power parity, rent-seeking, Richard Florida, Robert Gordon, Robert Shiller, Robert Solow, Ronald Reagan, Rutger Bregman, savings glut, school choice, shareholder value, Silicon Valley, Simon Kuznets, six sigma, Skype, stakhanovite, stem cell, Stephen Fry, Steve Jobs, stock buybacks, supply-chain management, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Theory of the Leisure Class by Thorstein Veblen, Thomas Davenport, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, traveling salesman, universal basic income, unpaid internship, Vanguard fund, War on Poverty, warehouse robotics, Winter of Discontent, women in the workforce, work culture , working poor, Yochai Benkler, young professional, zero-sum game

all average nearly 50 percent: See Paul A. Jargowsky, “Take the Money and Run: Economic Segregation in U.S. Metropolitan Areas,” American Sociology Review 61, no. 6 (1996): 984–98. Hereafter cited as Jargowsky, “Take the Money and Run.” Bishop, The Big Sort, 131. Richard Florida, “More Losers Than Winners in America’s New Economic Geography,” CityLab, January 30, 2013, accessed November 19, 2018, http://www.citylab.com/work/2013/01/more-losers-winners-americas-new-economic-geograpy/4465/. fell by 15 percent: See Catherine Rampell, “Who Says New York Is Not Affordable?,” New York Times Magazine, April 23, 2013, accessed November 19, 2018, www.nytimes.com/2013/04/28/magazine/who-says-new-york-is-not-affordable.html.