BUY LIMERICK.

Stephen Kinsella, UL

LIMERICK, 1860'S.

LIMERICK, 1960

LIMERICK, TODAY.

THEORY OF URBAN DEVELOPMENT

• From Jane Jacobs to Edward Nell to Paul Romer.

• From Copenhagen's 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 can't and we shouldn't rely on Krups/Dell/Ferenka/etc tonprovide the mainstay of our jobs.

• But we will not experience any consumption growth (and hence demand for products leading to investment) for some years.

• This implies 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 can't.

• So the government has to.

• This is inefficient and most certainly second best. But it's 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.

• Role of feedbacks here as well.

Centre

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.

• An interesting place with a world class university not just at it's doorstep but in it's heart.