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From a social point of view, it's beneficial that homeownership encourages commitment to a given town or city. But, from an economic point of view, it's good for people to be able to leave places where there's less work and move to places where there's more.

James Surowiecki

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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Given
Leave
Beneficial
Able
Views
Town
Work
Cities
Towns
Good
Economic
Commitment
People
Point
Places
Less
City
Moving
View
Social
Move
Encourages

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The challenge for capitalism is that the things that breed trust also breed the environment for fraud.
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Campaigns fail if they waste resources courting voters who are unpersuadable or already persuaded. Their most urgent task is to find and persuade the few voters who are genuinely undecided and the larger number who are favorably disposed but need a push to actually vote.
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The business of America shouldn't be subsidizing business.
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The truth is that the United States doesn't need, and shouldn't have, a debt ceiling. Every other democratic country, with the exception of Denmark, does fine without one.
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Life insurance became popular only when insurance companies stopped emphasizing it as a good investment and sold it instead as a symbolic commitment by fathers to the future well-being of their families.
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If you thought the advent of the Internet, the spread of cheap and efficient information technology, and the growing fragmentation of the consumer market were all going to help smaller companies thrive at the expense of the slow-moving giants of the Fortune 500, apparently you were wrong.
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Moviegoers love the intricacies of a crime all the more when it's for a good cause.
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The profit motive, indecorous though it may seem, may represent the best chance the poor have to reap some of globalization's benefits.
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Technological innovation has dramatically lowered the cost of computing, making it possible for large numbers of consumers to own powerful new technologies at reasonably low prices.
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Tough times have always lent themselves to nativist sentiments and closed-door policies. But in the case of highly skilled immigrants these policies are a recipe for stagnation.
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The typical American corporation is a shareholders' republic the same way that China is a peoples' republic.
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In industries where a lot of competitors are selling the same product - mangoes, gasoline, DVD players - price is the easiest way to distinguish yourself. The hope is that if you cut prices enough you can increase your market share, and even your profits. But this works only if your competitors won't, or can't, follow suit.
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Political risk is hard to manage because so much comes down to the personal choices of policymakers, whether prime ministers or heads of central banks.
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Businesses that have gone through an episode of hyperinflation become understandably alert to the threat of it: at the first hint of inflation, they're likely to increase prices, since they've learned that if they don't, and inflation hits, their businesses will be wrecked.
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But, if recent history has taught us anything, it’s that self-regulation doesn’t work in finance, and that worries about reputation are a weak deterrent to corporate malfeasance.
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Downsizing itself is an inevitable part of any creatively destructive economy.
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Developing countries often have hypertrophied bureaucracies, requiring businesses to deal with enormous amounts of red tape.
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Meeting external deadlines is much harder than meeting internal ones. On the other hand, internal deadlines sometimes don't feel real, and are therefore easy to evade.
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