3 ms·
"High cost of living" is a concept you get to use in personal decisionmaking, but it's not a concept you get to use in probing this causation, because it become
by mapt 11y ago
"High cost of living" is a concept you get to use in personal decisionmaking, but it's not a concept you get to use in probing this causation, because it becomes tautological.
High cost of living, where cost of living is mostly housing, is associated with high economic productivity combined with low housing stock. It cannot be used to normalize high salaries to some other abstract concept that says useful things about economic productivity, because it only co-occurs with high salaries.
The article is asking why city A and city B became differently economically productive, not for excuses as to why one isn't technically rich or comparisons of disposable income. That's a different discussion.
- ghaff 11y agoAlthough it can be overstated, the real question (modulo the fact that, for geographic reasons, some cities and areas are better able to add housing stock than others) is why companies are willing to effectively channel large amounts of money to landlords and home sellers in certain areas of the country in order to be located there. I'm not sure the article makes an especially coherent argument on this particular point other than observing a trend toward more centralized industries.