New York City (MOC, Monday, Week 6)
microeconomics-of-competitivenessyear-twoStrategy requires distilling your vision into something other than a 72-item list. You need priorities and sequencing.
"You will never be really effective by minimizing your weaknesses." -- Porter
How did NYC become the leading metropolis in the US?
-- Great endowments => natural harbor, halfway up East Coast, early trading hub, history of diversity/openness (NOT a Puritan colony)
-- Scale/critical mass
-- Quality of life
True prosperity comes from productive use of endowments, not just great endowments.
Country/region/city needs a distinctive positive identity that will inspire its citizens.
Political will to implement policy choices = huge challenge.
Change takes a long time, and policy-makers need to be capable of lasting commitment, consistent direction, and endurance. Often a huge challenge --- election cycles are short.
Zoning => big lever for local government; lets you raise/lower density and preserve industrial spaces
Huge problem moving forward: Pension costs > salary costs for city workers