THEORY OF URBAN DEVELOPMENT• From Jane Jacobs to Edward Nell to Paul Romer.• From Copenhagens ﬁnger model to the hub and spoke development process.• Theory of infrastructure
THE LOGIC OF POST WAR IDA LED DEVELOPMENT• Multinationals have skills and money and expertise• We do not.• Give them subsidies and cheap labour and they will come.• Export led growth is the answer.• And it WAS.
TODAY• Economy experiencing growth *only* in export led sectors.• But these sectors are not labour intensive.• So this is a jobless recovery.• Also, GDP ﬁgures need to be taken with a barrel of salt.
WHAT DOES THIS MEAN FOR LIMERICK?• We cant and we shouldnt rely on Krups/Dell/Ferenka/etc tonprovide the mainstay of our jobs.• Butwe will not experience any consumption growth (and hence demand for products leading to investment) for some years.• Thisimplies asset prices will fall. This implies the economy will stagnate and the city will die.
THE LOGIC OF KEYNESIAN INTERVENTION• Business cycles mean that at the very moment households ﬁrms and banks *should* be spending, they cant.• So the government has to.• Thisis inefﬁcient and most certainly second best. But its the best we can do.
APPLICATION TO LIMERICK• UL is the biggest entity in the area.• UL is a corporation.• Corporations can borrow.• UL is part of Limerick.• Ul is never leaving Limerick.
FIGHT THE DONUT.• Donut population and price differential between exterior and interior of the city. Centre• Role of feedbacks here as well.
GLOSSES.• Tax breaks for helping beautify the city.• Price changes helping change architecture and art.• Competiton and experimentation.• Limerick as the city of change not the city of sport.• Aninteresting place with a world class university not just at its doorstep but in its heart.