Featured Article
The Cosmic Cop-Out of “the Market” (with a Nod to Henry George)
Stephen Schwarzman is the chief executive of the Blackstone Group, which is one of those Wall Street operations that is described as a “private equity firm.” He was on the cover ofFortune magazine in February, which means he’s a pretty big cheese right now. He’s definitely big in my corner of the world. Blackstone recently bought up 14% of the office space in Marin County, California, through a leveraged buy-out of the owner. Leverage is debt. Leveraged buy-outs involve tons of it.
To get out from under this load, Blackstone is going to have to sell off quickly – ie “flip” — the office buildings here. That means more debt, more taxes – and most likely, higher rents. Blackstone will have built nothing and improved nothing. It simply will have taken existing assets and used debt to conjure money out of them. But don’t blame the Big Cheese for the higher rents in prospect, “Rents are only what the market will bear,” a local real estate man said. That’s what they always say, when something bad happens at least. “We didn’t do it. The market did.”
Commons
Pre-Distributive Economics and Sufficiency for the Long Haul
Part I: Inequality, The Iatrogenic Spiral, and Systemic Diminishing Returns The problem is that the explosive growth of the global economy has not brought a corresponding increase in global well … More
The Missing Sector
Enlarging Our Sense of “the Economy”
Meet Us at the Zocalo
We humans like to gather, and to be around other people in informal and unstructured settings. For time out of memory, places in which to do so were built into … More
Economic Indicators
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Looking Backward: Economics and the Cult of Yesterday
GDP and productivity don’t measure what’s really going on in the economy—or in people’s lives. Jonathan Rowe on measuring what matters.
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The Gross Domestic Product
Testimony of Jonathan Rowe Co-director of the West Marin Commons Before the U.S. Senate Committee on Commerce, Science and Transportation Subcommittee on Interstate Commerce, Trade and Tourism March 12, 2008 … More
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Is Happiness a Commons?
Gunnar Myrdal, the late Swedish economist, once noted the strange tendency of his profession to barricade itself against human reality. In true sciences, such as biochemistry and physics, hypotheses are … More
Economics
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Pre-Distributive Economics and Sufficiency for the Long Haul
Part I: Inequality, The Iatrogenic Spiral, and Systemic Diminishing Returns The problem is that the explosive growth of the global economy has not brought a corresponding increase in global well … More
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The Missing Sector
Enlarging Our Sense of “the Economy”
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Looking Backward: Economics and the Cult of Yesterday
GDP and productivity don’t measure what’s really going on in the economy—or in people’s lives. Jonathan Rowe on measuring what matters.
About
Jonathan Rowe was a writer who wrote about the commons, diseconomy, economics, economic indicators, corporations, and many other subjects.
Jonathan was an editor at the Washington Monthly magazine and a staff writer at the Christian Science Monitor. He contributed to Harper’s, the Atlantic Monthly, Reader’s Digest, Washington Post, Columbia Journalism Review, American Prospect, Adbusters, and a host of other publications.