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Why is the U.S. wealthier than Europe? Give credit to its cities. -
2012-04-18 13:58:43 GMT
"Whole volumes have been written on the virtues of cities — the way they make people around the globe smarter, more productive, more innovative. See, for instance, Edward Glaeser’s “The Triumph of the City,” or Matt Yglesias’s “The Rent is Too Damn High,” or Ryan Avent’s “The Gated City.” But a new report from the McKinsey Global Institute offers an curious twist on this old tale. The United States, it turns out, actually derives more economic benefit from its cities than any other country on the planet. Roughly 83 percent of America’s GDP came from its “large cities,” defined as cities with a population of 150,000 or more. By contrast, China got 78 percent of its GDP from large cities and Western Europe got a surprisingly small 65 percent of its GDP from its large urban areas. Here’s the chart:"
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