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> "It may be desirable that we remove the artificial scarcity, but it is also a distraction from the core question at hand." I respectfully disagree and so doe
by davidf18 10y ago
> "It may be desirable that we remove the artificial scarcity, but it is also a distraction from the core question at hand."
I respectfully disagree and so does Harvard Economist Edward Glaeser who has written extensively about this as does FT columnist and economist Tim Harford (as explained in his book, "The Undercover Economist" as does Steve Beyer who has written about this in the NYT and Forbes as well as other places.
Japan passed a federal law that overruled local restrictions and in 2014 Tokyo built 140,000 residences compared with a total of 20,000 in NYC and about 90,000 in the entire state of California.
I'm speaking pragmatically.
> "A port, for instance..."
A port is a much greater and natural scarcity compared with, say Manhattan which is huge as well as London which is not an island, but made "an artificial one" because of the Green Belt that circles London.
- pradn 10y agoJapanese people tear down old houses and rebuild new houses to their specifications to a much greater degree than Americans, so it's hard to compare those numbers easily.
- nwah1 10y agoScarcity is a term that is relative to demand. If you have a trillion widgets, but a quadrillion customers desperately want them, you still have a major scarcity. Not all of the land in cities is desirable. Parts of Manhattan are clearly far more desirable than others. And the people who want these prime locations far outnumber the availability of them. Not everyone can own a lot in Times Square, etc.