Comments on: Mega-star Cities http://www.creativeclass.com/_v3/creative_class/2006/12/30/mega-star-cities/ The source on how we live, work and play Wed, 07 Dec 2011 18:10:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Timtian http://www.creativeclass.com/_v3/creative_class/2006/12/30/mega-star-cities/comment-page-1/#comment-494 Timtian Thu, 04 Jan 2007 00:08:52 +0000 http://zstation/creativeclass/v3/creative_class/2006/12/30/mega-star-cities/#comment-494 Florida has a good sense of the direction of talent flow, but the price of real estate is not a reliable indicator since so many economic factors, like appreciating currency and speculation, may drive it up in a short time. Florida’s concern of the flight of foreign-born talent can be justified, but as a foreign-born myself, I would say the outflow trend is more or less exaggerated. In fact, Britain does a worse job than the US in global talent competition. A recent report suggests that around 5.5 million British nationals live overseas permanently (equivalent to 9.2 per cent of the UK’s population). it is likely that only the Indian and Chinese diasporas rival Britons living abroad. Australia, Spain, US and Canada are the top 4 destinations for Britons. The problem is, they don’t not only go for retirement, but also for jobs and quality of life. During the second half of the twentieth century, British emigrants became increasingly skilled. Two thirds of all Britons who leave the UK do so to seek employment abroad. However, Britain can still attract foreign talent from new members of EU and the common wealth countries like India and Pakistan. The US is indeed losing some talent, but it still enjoys the “net talent surplus” (inflow minus outflow of talent). The huge intake of European talent in the early-mid 20th century was probably an unprecedented fortune for the US, because there were two world wars and the terrible prosecution of Jewish scientists. I don’t think any country can accept a large number of smart refugees today. As the American government relaxed its immigration policy in the past two years, both foreign students and H-1B workers come back. So I would say it’s too early to see the tipping point. According to my personal experience, the best Chinese students in my generation go for the US and the second best ones go for Britain and other developed countries. The best Chinese students in Britain, two of them are my friends, work in HK and Singapore now after their graduation. I guess the trend in the coming 20 years will be that the best talent will still study in the US, but half of them will work elsewhere. Florida has a good sense of the direction of talent flow, but the price of real estate is not a reliable indicator since so many economic factors, like appreciating currency and speculation, may drive it up in a short time.
Florida’s concern of the flight of foreign-born talent can be justified, but as a foreign-born myself, I would say the outflow trend is more or less exaggerated. In fact, Britain does a worse job than the US in global talent competition. A recent report suggests that around 5.5 million British nationals live overseas permanently (equivalent to 9.2 per cent of the UK’s population). it is likely that only the Indian and Chinese diasporas rival Britons living abroad. Australia, Spain, US and Canada are the top 4 destinations for Britons. The problem is, they don’t not only go for retirement, but also for jobs and quality of life. During the second half of the twentieth century, British emigrants became increasingly skilled. Two thirds of all Britons who leave the UK do so to seek employment abroad. However, Britain can still attract foreign talent from new members of EU and the common wealth countries like India and Pakistan.
The US is indeed losing some talent, but it still enjoys the “net talent surplus” (inflow minus outflow of talent). The huge intake of European talent in the early-mid 20th century was probably an unprecedented fortune for the US, because there were two world wars and the terrible prosecution of Jewish scientists. I don’t think any country can accept a large number of smart refugees today. As the American government relaxed its immigration policy in the past two years, both foreign students and H-1B workers come back. So I would say it’s too early to see the tipping point.
According to my personal experience, the best Chinese students in my generation go for the US and the second best ones go for Britain and other developed countries. The best Chinese students in Britain, two of them are my friends, work in HK and Singapore now after their graduation. I guess the trend in the coming 20 years will be that the best talent will still study in the US, but half of them will work elsewhere.

]]> By: Richard http://www.creativeclass.com/_v3/creative_class/2006/12/30/mega-star-cities/comment-page-1/#comment-493 Richard Mon, 01 Jan 2007 02:04:49 +0000 http://zstation/creativeclass/v3/creative_class/2006/12/30/mega-star-cities/#comment-493 Barkley - Good point about Tokyo. It is unclear from the report if Tokyo (and other mega-cities) were included or if the comparison was just NY and London. Tory - Your point about development constraints is right on, and echoes work by Ed Glaeser and Joseph Gyourko. It always amazes me how much space there is left to develop and "densify" in and around NYC. My wife and I were driving recently back from NYC to DC and I was again amazed at all the nearly vacant, undeveloped land along the NJ Turnpike right across the river from Manhattan. Barkley – Good point about Tokyo. It is unclear from the report if Tokyo (and other mega-cities) were included or if the comparison was just NY and London.

Tory – Your point about development constraints is right on, and echoes work by Ed Glaeser and Joseph Gyourko. It always amazes me how much space there is left to develop and “densify” in and around NYC. My wife and I were driving recently back from NYC to DC and I was again amazed at all the nearly vacant, undeveloped land along the NJ Turnpike right across the river from Manhattan.

]]> By: Tory http://www.creativeclass.com/_v3/creative_class/2006/12/30/mega-star-cities/comment-page-1/#comment-492 Tory Sun, 31 Dec 2006 00:42:25 +0000 http://zstation/creativeclass/v3/creative_class/2006/12/30/mega-star-cities/#comment-492 Maybe London simply has more constraints on residential construction (esp. vertically) than NYC? The London Tube is also notoriously overloaded, and the commuter train network has had much-publicized problems, further driving people into the core - as opposed to NYC's still functioning far flung rail network, making it still reasonable to live in Connecticut or NJ or Long Island and commute to Manhattan. Both of these features help ease NYC's housing costs at least somewhat. Maybe London simply has more constraints on residential construction (esp. vertically) than NYC? The London Tube is also notoriously overloaded, and the commuter train network has had much-publicized problems, further driving people into the core – as opposed to NYC’s still functioning far flung rail network, making it still reasonable to live in Connecticut or NJ or Long Island and commute to Manhattan. Both of these features help ease NYC’s housing costs at least somewhat.

]]> By: Barkley Rosser http://www.creativeclass.com/_v3/creative_class/2006/12/30/mega-star-cities/comment-page-1/#comment-491 Barkley Rosser Sun, 31 Dec 2006 00:36:21 +0000 http://zstation/creativeclass/v3/creative_class/2006/12/30/mega-star-cities/#comment-491 So, when did London and New York surpass Tokyo? I know real estate in Japan went through a long decline, but that bottomed out last year, and particularly in Tokyo has been rising again. Is this more an artifact of the Japanese yen being held down while the British pound is surging? Although Tokyo real estate came down a long way, it is still very expensive, and it should be remembered that around 1991 the emperor's palace grounds were reputedly worth more than the entire state of California, and the metro area of Tokyo was worth more than the UK, France, and Germany put together. So, when did London and New York surpass Tokyo? I know real estate in Japan went through a long decline, but that bottomed out last year, and particularly in Tokyo has been rising again. Is this more an artifact of the Japanese yen being held down while the British pound is surging? Although Tokyo real estate came down a long way, it is still very expensive, and it should be remembered that around 1991 the emperor’s palace grounds were reputedly worth more than the entire state of California, and the metro area of Tokyo was worth more than the UK, France, and Germany put together.

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