Many economists who are Keynes believer always want to study economics in the United States. That what I have been observing so far from my peers and that is the strongest reason of mine coming to the US. Knowing that I would be sent to New York city was very exciting for me. Once I got here, there were several things impressing me most in NYC: its subway train and its activity.
I am coming from Jakarta, the biggest and the busiest town in my country, as well as the capital city of Indonesia. That is why I am quite familiar with train and busway transportation. We don't have to be afraid of getting lost in the subway train since we’re actually playing in the single system once we get into the train. All we have to do just read a map, follow the route or, in the worst case, ask people. As an economist, reading Wall Street Journal always becomes one of my pleasure activities in spending my leisure times in the train or plane. Now it just a dream after knowing that Wall Street itself is just few stops from the nearest subway near my dorm. I am very excited. But what really impress me a lot is not about Wall Street, but is that all subway trains in NYC are built under the ground. This is very cool that reflects the ability of the US to harness every detail of its resources to be economically effective. As we know, from the economy perspective, underground subway has reduced the traffic jam and make people easier to do their economic activity, also increase consumption and eventually its GDP itself. Furthermore, when I read the article written by E.B White about New York from our professor, Danielle, explaining if the subway was once above the ground and the government pulled those down was driving me more amazed.
New York is famously called as one of the busiest city in the world. When I arrived here, I still couldn't find any relevant situation related to that statement. All I found was just empty space and only few people passing my sight. But after visiting Times Square few days ago, I could understand why this city is called so. Everything was very crowded in Times Square. The people, the cars, the stores, they are connected together in forming one of the busiest market area in the world. And as the economist, I couldn't imagine how fast the flow velocity of money here. Many similar stores sold the same goods and services in the area, which it must have made the price very elastic and the market very competitive. This condition then recalled me to imagine the situation when Lehman Brothers collapsed and put this country in the recession, is NYC as busy as I am watching now? or may be less busier? how the impact the crisis to the sellers in Times Square at the time? This might be an interesting topic to investigate.
As an economist, NY has given me a small portion insight of economic vocabulary in my head by comparing the theory and the reality. I cannot wait for other experiences I’ll have in the next two years studying in the US.
It's interesting to see your take on New York from the economics standpoint. Incidentally, there still are some elevated portions of the subway system, but not in Manhattan. The 7 train, for instance, is elevated for quite a long stretch in Queens. Most of the wealth in New York is concentrated in Manhattan. In many other sections of the city, stores and restaurants struggle to survive and often go out of business.
ReplyDeleteThank you Marcia. I found that point to in EB White's article saying that there is still one subway train above the ground. But still, the infrastructure and the way of people do their business are amazing. I can even use my credit card in the cab, which reflects ho high the financial awareness of people here. I hope my country can do the same thing like yours someday.
ReplyDeleteThanks for your comment Alina. I like the words "growing bubble" you used, because as the matter of fact, it is the bubble. I think it is also related to your major. Can you imagine how to communicate the brand of your product to people with many races and consumer perspective in NYC? this must be very challenging and interesting to study.
ReplyDeleteThe conflict between the growing bubble and the working city has always existed, but is more prevalent with the growth of the city and the ability of (some) people to move to the suburbs. On the other hand, many of us still shop at the same stores, albeit in different locations, or online, the virtual marketplace. It's great to see you observe New York City as an economic system, not to mention ecosystem. One of the reasons why it's so exciting to live here, and host visitors like you.
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