More evidence that capitalism wouldn’t be so bad if it wasn’t for the Nimbies inbetween.
This graph from Matthew Rognlie’s paper disaggregating Piketty’s overall story of increasing returns to capital is well known (although not as well known as it should be …)
But today I saw this analysis of the impact of ‘closed access cities and states’ in the US
Kevin Erdman writes
It is frequently noted that American politics have become more angry and more bifurcated. The housing supply problem has its fingers in many of our problems, and I believe it includes this. Bear with me here. This might become a long post, but I think the implications may be surprising.
so I’ll leave it there, but please do follow the link.
As for the title – it’s an obscure reference to the old Music Hall song which somehow seems relevant, but I’m not exactly sure how …