Start-Up City

Start-Up City. Edward Glaeser, Fall 2010, Paper. "Like the rest of America, New York City has been buffeted by the recession that began in December 2007. This past August, the city’s unemployment rate stood at 9.6 percent, just over the national rate of 9.5. But New York’s economy will never recover from the downturn by trying to compete with China’s labor costs or with Houston’s housing costs. Nor can the city continue to rely on finance, which came to dominate it over the last 40 years: as the sad history of Detroit illustrates, one-industry towns rarely succeed in the long run. Rather, New York’s success will depend on its ability to..." Link