A former student asked about the overall effect of (mass) incarceration on the US economy. I have no idea of any research on this. Anyone have thoughts about potential references? @causalinf @jenniferdoleac
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Cutting crime over the last quarter of a century has likely added trillions of dollars to real estate values in New York City alone.
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Replying to @Steve_Sailer @bartonwillage and
I suspect we could do a back of the napkin calculation of increases in incarceration costs over the time period - that are socialized - in relation to real estate costs over the same period - that are privatized, and have an interesting conversation.
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Replying to @curtdoolittle @Steve_Sailer and
Real estate values are the private estimates of the value of getting to live or work in a certain place. A low crime NYC generates massive gains some portion of which are privatized
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Replying to @CovfefeAnon @Steve_Sailer and
Not quite right. Real estate prices reflect the extreme discount in opportunity costs provided by economic velocity in a given population density. IOW: WHO lives there (economic velocity) is far more important than your cheap access to the discounts created by those living there.
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Replying to @curtdoolittle @CovfefeAnon and
This is why city centers are impossibly expensive, generate outliers in core businesses and industries; why cities are surrounded by slums (unproductives), and they are surrounded by suburbs (productives). Having high return people near high return people is the most important.
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Replying to @curtdoolittle @CovfefeAnon and
So in that sense all complaints about rent should be restated as 'why is renting rather than ownership permitted'. In other words, why are landlords tolerated, since they produce slums, and rent seeking on middle classes, rather than normal distribution of people by value.
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Replying to @curtdoolittle @CovfefeAnon and
So complain about tolerating rental properties rather than pushing low income out of the cities and back into the rural areas again, so that middle classes (germany's strategy at least) have asset access to urban cores where they produce high returns, rather than underclasses.
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Slums can't be accounted for via economics - you need to model that they're held through the use of semi-organized violence then you need to model politics well enough to explain why that's tolerated for slums only (A 2 word answer is "vote banks")
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