“Inflation..no chance..to increase..finance” Marvin Pentz Gaye(Inner city blues)
Urban economics is broadly the economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues such as crime, education, public transit, housing, and local government finance. More narrowly, it is a branch of microeconomics that studies urban spatial structure and the location of households and firms.(Quigley 2008)
I witnessed a slow economic transformation the late 90’s in east coast major american cities. In 2003 in my early twenties I returned to my hometown(New york city)on a visit to observe a sharp rise in the cost of living, both in the changes of my prior residence, and by the testaments of economic changes of people i knew that lived there. In regards to the modern day, this critical essay brings us to the mind of the urban economist: the birds eye view of the post 21st century economy in relation to american inner cities and urban developments. Most would recall issues of inflation during the early 2000’s, along with the recession during the bush administration.
“Economic recessions are caused by a decline in GDP growth, which is itself caused by a slowdown in manufacturing orders, falling housing prices and sales, and a drop-off in business investment. The result of this slowdown is falling employment, and rising unemployment, which causes a slowdown in retail sales. This creates a downward spiral in manufacturing and increased layoffs. A stock market decline, known as a bear market, can either be a result of a recession but is often a cause itself.”
“The recession of 2001 is a great example. In 1999, there was a economic boom in computer and software sales caused by the Y2K scare. Many companies and individuals bought new computer systems to make sure their software was “Y2K compliant” This meant that the operating code would be able to understand the difference between 2000 and 1900, since many fields within that code only had two spaces, not the four needed to fully differentiate the two dates. As a result,
the stock price of many high tech companies started to increase.”=
The recession close to ten years ago was one of the high points of criticisms during the years of the bush administration. The current efforts up to date from debt regulations to economists views showed progress; yet shapeshifted the face of american inner cities, from industries, to the job market to the general cost of living. For example In New york there was a rise in the cost of living in everything from co-operative developments to community high rises. To where some testimony’s of housing had multiple persons co habitating with multiple forms of income, just to make ends meet. Along with many migrations to different cities for a reasonable cost of living. By social obsveration and statistic, its safe to say the recession that ushered in 21st century gave a new definition to the term, “rat race”.
“Culture of Poverty” Makes a Comeback
The reticence was a legacy of the ugly battles that erupted after Daniel Patrick Moynihan, then an assistant labor secretary in the Johnson administration, introduced the idea of a “culture of poverty” to the public in a startling 1965 report. Although Moynihan didn’t coin the phrase (that distinction belongs to the anthropologist Oscar Lewis), his description of the urban black family as caught in an inescapable “tangle of pathology” of unmarried mothers and welfare dependency was seen as attributing self-perpetuating moral deficiencies to black people, as if blaming them for their own misfortune”-
I recently published an essay in response/challenge to Oscar Lewis’ basis of description to his coined term. There is an accuracy of his analysis to present it as a term of socialogical study; but a falsehood in the general cause/description of a race or nationality’s generational economic misfortune. My analysis of the culture of poverty didnt apply to a particular race, but to the “culture” that develop’s among any group, nationality, etc. that experiences economic deprivation. During a recession, in a capitalist country among all classes there has been known to be a general increase to the common stream of crime, and illegal activity; even down to more of financial demand concerning the prison industrial complex. Major urban economic issues such as job layoff’s, inflation, housing development issues; all create an ultimate demand for economic stability.
“The world is a hustle”- Lauryn Noel Hill
The post 21st century state of the american economy produced a cultural “boom” of entrepenuarship; with multi-income homes in most major american cities, along with the struggling number of the employment rate. The term “Grind” represented the ultimate sustainment of livelihood, the doors of personal and collective entrepenuarship, and dreams of subsequent careers. The american economy will always have a direct influence socially. The recent national debt ceiling was debated plans to solve prior financial errors/problems of the nation. Just one moment in time, the economy will stay progressive. Within its changes, From a left-wing perspective, regardless of the changes on the social landscape, and economic class, in an ever changing world most of the masses will develop a mind set to let the economy, ultimately work for them. The American economy functions progressively, but on a unpredictable plane. Under its umbrella, post 21st century and into the future, people will always seek the greater livelihood.