Well, to be fair.....pic.twitter.com/G7mt9moKuE
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I think it likely would be. Look at rent in the small cities that aren't Seoul or Singapore!
Singapore population was 750k in 1940. Could it have become as affluent as it is without growing population? My guess is no.
My core point is just that demand isn't fixed -- and with positive returns to marginal scale, dynamics might surprise.
But those other cities have much lower demand for exogenous (non-population-related) reasons!
See my other replies :-). You could certainly argue answer to my question is "yes". I think that's tough case but who knows.
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