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Wait, you think the Toronto-Buffalo distinction is caused by Toronto being closer to the front of the queue to get monetary stimulus? I’d think this is much more likely to be a real phenomenon.
Cantillon Effect, city vs. city edition.https://twitter.com/paulkrugman/status/1152254896097386500 …
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Not at all intuitive to me, can you share more of your assessment?
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Central bank is central hub of a trust network of credit. Toronto financial offices are much closer to that hub than Buffalo mundane industries, which are much closer to the rim.
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I just did a riff on Cantillon Effects here:https://twitter.com/williamaeden/status/1152787885495640064?s=21 …
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Ultimately I think it’s much more likely we see *industry* level effects than we would see *geographical* effects of the kind of magnitude you’re describing.
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For these two cities industry is strongly correlated with geography.
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I was in Toronto last year, cab driver was telling me about all the luxury condos that have been built were being acquired by rich Asians. They send their kids to the University and buy a condo for them to stay in, them they keep it as a store of value.
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This is also why Tokyo's population density is enormous compared to anywhere else in Japan. That plus the need to be able to sit down for lunch with the regulator.
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@AXELKAISER@NickSzabo4 . Don’t you think that, in spite of having solid economic and legal bases, Chile has always been damaged by the Cantillon effect due to the remoteness of the global financial centers?Thanks. Twitter will use this to make your timeline better. UndoUndo
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