From the London Times (gated), he begins from my earlier MR discussion of the topic:
But, from a coverage perspective, figuring out what modified after 2008 is much less fascinating than what may have been accomplished higher. Cowen’s query was ignited by a British entrepreneur telling him that the UK’s planning legal guidelines clarify a lot of the enduring prosperity hole to the USA. I agree, and suppose that Cowen understates the injury of nimbyism after 2008. The monetary disaster headwinds made it extra crucial to dismantle growth-stifling land-use obstacles, which have gotten more and more damaging with time.
Cautious evaluation by the LSE economists John Van Reenen and Xuyi Yang suggests the UK has a sharper deterioration in productiveness progress than France or Germany due to weaker capital funding, which the monetary disaster, Brexit and political uncertainty have exacerbated. We will’t undo the monetary disaster or simply overturn the general public’s resolution on Brexit, however giving the inexperienced gentle to extra housing, power and infrastructure tasks by liberalising land use was an apparent path to countering this funding collapse…
Previous to 2008, prescribed drugs, chemical substances, and life sciences have been increasing strongly, however are more and more hampered by land rationing and escalating rental prices, too. Savills estimated in 2020, for instance, that London had 90,000 sq ft and Manchester 360,000 sq ft of appropriate lab house out there, in contrast with Boston’s 14.6 million sq ft and New York’s 1.36 million sq ft. Related issues afflict efforts to construct hyperscale information centres.
That is all value a ponder. Claude 3 estimates that land lease is 12-15% of British gdp, so I nonetheless wish to see a really cautious decomposition accomplished right here. I estimated the NIMBY points accounted for about 15% of the gdp shortfall, if we relaxed NIMBY fairly a bit how a lot upside would that create?
From the London Times (gated), he begins from my earlier MR discussion of the topic:
But, from a coverage perspective, figuring out what modified after 2008 is much less fascinating than what may have been accomplished higher. Cowen’s query was ignited by a British entrepreneur telling him that the UK’s planning legal guidelines clarify a lot of the enduring prosperity hole to the USA. I agree, and suppose that Cowen understates the injury of nimbyism after 2008. The monetary disaster headwinds made it extra crucial to dismantle growth-stifling land-use obstacles, which have gotten more and more damaging with time.
Cautious evaluation by the LSE economists John Van Reenen and Xuyi Yang suggests the UK has a sharper deterioration in productiveness progress than France or Germany due to weaker capital funding, which the monetary disaster, Brexit and political uncertainty have exacerbated. We will’t undo the monetary disaster or simply overturn the general public’s resolution on Brexit, however giving the inexperienced gentle to extra housing, power and infrastructure tasks by liberalising land use was an apparent path to countering this funding collapse…
Previous to 2008, prescribed drugs, chemical substances, and life sciences have been increasing strongly, however are more and more hampered by land rationing and escalating rental prices, too. Savills estimated in 2020, for instance, that London had 90,000 sq ft and Manchester 360,000 sq ft of appropriate lab house out there, in contrast with Boston’s 14.6 million sq ft and New York’s 1.36 million sq ft. Related issues afflict efforts to construct hyperscale information centres.
That is all value a ponder. Claude 3 estimates that land lease is 12-15% of British gdp, so I nonetheless wish to see a really cautious decomposition accomplished right here. I estimated the NIMBY points accounted for about 15% of the gdp shortfall, if we relaxed NIMBY fairly a bit how a lot upside would that create?