The consequences of all this can emerge in unexpected places. As a recent research paper byeconomists Lena Edlund, Cecilia Machado and Maria Micaela Sviatschi points out, urban centresin the US were undesirable places to live in the late 1970s and early 1980s. People paid apremium to live in the suburbs and commuted in to the city centres to work. The situation isnow reversed. Why? The answer, suggest Edlund and her colleagues, is that affluent peopledon’t have time to commute any more. They’ll pay more for cramped city-centre apartments ifby doing so they can save time.
这一切的后果可能出现在意想不到的地方。正如经济学家莱纳•埃德隆德(Lena Edlund)、塞西莉•马沙多(Cecilia Machado)和玛丽亚•米凯拉•斯维亚特奇(Maria Micaela Sviatschi)最近所著的一篇研究论文所指出的那样,上世纪70年代末和80年代初,美国城市中心成为不适宜居住的地方。人们花高价住在郊区,每天通勤来到城市中心上班。如今情况已逆转。为什么?埃德隆德和她的同事们认为,答案是富人不再有时间通勤了。如果他们可以省下时间的话,他们宁愿付出更高价格,住在相对狭小的市中心公寓里。
If there is a limited supply of city-centre apartments, and your affluent colleagues aresnapping them up, what on earth can you do? Work harder. Homes such as Keynes’s eleganttown house in Bloomsbury now cost millions of pounds. Three hours a day is not remotelyenough.
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