The Delhi Metro is perhaps the most ambitious urban infrastructure project since India won its independence, and its progress has been closely watched in a country facing a looming urban disaster. Unlike China and other rapidly growing developing countries, India remains predominantly rural.
But that is changing as millions of impoverished villagers try to grab a slice of India’s rapid but unequally shared economic growth. India has done almost nothing to cope with the influx of villagers into the cities, much less plan for many more, analysts say.
A study published last month by the McKinsey Global Institute estimated that by 2030, 590 million Indians would live in cities and 70 percent of India’s new jobs would be in cities. India needs $1.2 trillion in infrastructure to accommodate these new arrivals, the report concluded, including 4,600 miles of railways and subways, and real estate equivalent to the entire city of Chicago every year.
Boulder, CO, a high tech center?
Michael Pettis with some more notes on China’s economic situation and how the central bank is handling that situation.
Ray Grim notes how financial regulation is being toughened in the Senate in public debate. Derek Thompson proposes a new, better kind of bank tax (very interesting idea). Daniel Indivglio covers why small businesses are getting fewer loans (it boils down to: it’s not that profitable for big banks to loan to small businesses; yet another reason to break down the banks.) James Surowiecki inveighs against financial innovation.
Ezra Klein makes a valuable point re: Kagan and Organization Kids:
Look at how Berwick, Zeke Emanuel (excuse me, "Dr. Death"), and Cass Sunstein (who apparently wants to let your dog sue you) have fared in government: Their voluminous, intellectually interesting writings have turned into an arsenal of ammunition for the opposition.
In a world like that, you don't need more organization kids to see them dominating positions that require Senate confirmation -- they'll just be chosen for the gigs in high numbers. And as that dynamic becomes better understood, people with high ambitions will learn to keep their paper trail sparse, becoming organization kids whether they're temperamentally suited to it or not. As it becomes increasingly clear that anything you write or say can be found, uploaded to YouTube, and used against you at a later date, people who think they might be in public life someday will stop writing and saying, well, anything. And that won't mean our nominees will be more or less ideological, just that we'll know less about them until it's too late.
A dispatch from Afghanistan.
The Jobs vs. Wages divide: if you don’t have a job, you’re not doing well; if you have a job, your wages are rising. Catherine Rampell talks about structural unemployment.
How the drought in southwest China presages future droughts because of climate change.
B.o.B’s performance at Jimmy Kimmel.
This review of Made in America: A Social History of American Culture and Character is sufficient. Add it to the infinitely long list!
Obama administration back to regulating the rules we already have. Novel concept, that.