by Tyler Cowen
on August 11, 2009 at 12:34 pm
1. Markets in everything: The Twitter Opera, from Covent Garden.
2. IP norms and stand-up comedy, and a comment.
3. Book covers that were not meant to be.
4. The importance of the NYC subway.
5. Chris Masse sends me a long McKinsey study on the economics of prizes.
#2: OrgTheory has a relevant post
Another way to phrase the question regarding replacing the subways would be how far would NYC need to go in removing rent control and building restrictions.
Remember that NYC was dense enough at the turn of the 20th century that the subways could be built with private money. Acknowledging that the subways work for NYC is no argument to build them where they don’t work.
NYC itself hasn’t gotten any more dense, really, in the last fifty or sixty years, and rent control and zoning and environmental regulations and land use regulations are a lot of that. While I applaud Jane Jacobs’s insights in general, her success against Robert Moses’s highways have also had the effect of helping to create methods that are now used to prevent the density that would support mass transit.
conscience not “conscious”!
A 2006 study in the Journal of Urban Economics concluded that the New York subway, and in fact all large urban rail transit systems in the U.S. except for San Francisco’s BART, reduce social welfare. In the case of the New York subway, the net social cost for the year 2000 was estimated to be about half a billion dollars.
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