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[...] we once devoted most of our household budgets to physical things: food and drink, clothing and furniture. Now we spend vast amounts on things like education and healthcare, or on housing [...]

[...] social capital is the indispensable factor. Successful countries have good institutions, such as strong and stable governments committed to protecting personal property rights. Social capital supports the evolution and development of growth-boosting institutions, which in turns support the co…

[...] Big, skilled places are good at making workers more productive. Workers in places like Silicon Valley earn a hefty wage premium over similar workers in other cities, but new arrivals don't get the premium all at once. Instead it builds over time: evidence that the city is contributing to th…