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Economist Jean-Baptiste Say (with some criticism) claims that in the long run, the economy will fix itself. That is because, when people attempt to solve proble
by wnc3141 3y ago
Economist Jean-Baptiste Say (with some criticism) claims that in the long run, the economy will fix itself. That is because, when people attempt to solve problems for one another that inherently creates a market. John Maynard Keynes responded to claims that in the long run the "economy will fix itself", with the adage "in the long run we're all dead," meaning that the economy requires active management to stabilize, as a free market "hands off approach" economic recovery may take generations.
San Francisco offers a dense cluster of educated people and economic resources (see agglomeration economics) that will at some point create innovation or internally produced resources.
Of course, in a nation of free movement, those who can find opportunity elsewhere may do so leaving the city with declining ability to fund its services to those who remain.
In short, my opinion:
1. San Francisco has incredible capital. Universities, tight knit communities, diversity, transit, and status as a center of global trade. It will take significant decline in this capital to undermine SF's ability to recover.
2. A solution, in my view, comes from multiple levels of government, but essentially steering the incredible resources of SF to sources of non-hyperbolic, but resilient growth. These solutions are fairly obvious, but face resistance in the current form of governance. Enabling enough housing supply such that more diverse economic participants may live within SF, Nurturing, and regulating regional/ smaller banks who are responsible for providing capital to small businesses. I would be keen to see the Bay Area region push for manufacturing, which introduces capital to the area, and provides solid employment to non-college educated workforce. Lastly, crime enforcement (breathes life to small businesses and enables tourism,)
3. My more wild idea of a sector to push: convert parking garages etc. into high intensity agricultural research operations. Use the capital in the central valley and knowledge economy to solve California's existential agricultural problems