Devon Zuegel

the Pareto frontier shifted as people could make different trade-offs and as more space opened up on the periphery of cities because of cars, suddenly people could make unilateral decisions to say, actually, I prefer more space over more amenities. And for any given individual, that trade-off may have made a lot of sense. The one challenge with that is that

the Pareto frontier shifted as people could make different trade-offs and as more space opened up on the periphery of cities because of cars, suddenly people could make unilateral decisions to say, actually, I prefer more space over more amenities. And for any given individual, that trade-off may have made a lot of sense. The one challenge with that is that

you now are also affecting the rest of equilibrium for everybody else. Because when you go farther away, then suddenly you're also reducing the number of opportunities and interesting things happening in the core of the city. And so to me, one of the key things the car did was it changed the balance of that coordination problem.

you now are also affecting the rest of equilibrium for everybody else. Because when you go farther away, then suddenly you're also reducing the number of opportunities and interesting things happening in the core of the city. And so to me, one of the key things the car did was it changed the balance of that coordination problem.

And I think one of the effects that I see is there are a lot of people who... would love to live in a more dense, walkable place. And they would actually make the trade to say, I'm happy to have a slightly smaller home in exchange for more access.

And I think one of the effects that I see is there are a lot of people who... would love to live in a more dense, walkable place. And they would actually make the trade to say, I'm happy to have a slightly smaller home in exchange for more access.

But because society at large in whatever city that they're in has decided that they all want to be a little farther away and they prefer the space over the access, it makes it so that there aren't a lot of options for people who prefer that one. I don't think that everybody wants to live in a really dense, walkable city.

But because society at large in whatever city that they're in has decided that they all want to be a little farther away and they prefer the space over the access, it makes it so that there aren't a lot of options for people who prefer that one. I don't think that everybody wants to live in a really dense, walkable city.

I think there's plenty of people who actually just want to live in a rural place or maybe a suburban place. But I do think that there are more people who want to live in a walkable community than there are walkable communities in large part because of this coordination problem.

I think there's plenty of people who actually just want to live in a rural place or maybe a suburban place. But I do think that there are more people who want to live in a walkable community than there are walkable communities in large part because of this coordination problem.

Such a good question. They shape things a lot. Do we have 10 hours to go into this?

Such a good question. They shape things a lot. Do we have 10 hours to go into this?

So start with mortgages. A mortgage is a loan. And it's really important to look at the structure of what a loan is. So when a bank lends you money, If things go really well with whatever you're doing with that money, they will get some interest on top of the principal that they gave you. But they don't really get the crazy upside if things turn out really well.

So start with mortgages. A mortgage is a loan. And it's really important to look at the structure of what a loan is. So when a bank lends you money, If things go really well with whatever you're doing with that money, they will get some interest on top of the principal that they gave you. But they don't really get the crazy upside if things turn out really well.

However, if things go really badly, they lose their principal and they're screwed. And this is important because it means that lenders are inherently cautious. They do not want the What this means in practices is that mortgages and other forms of debt end up locking in a status quo because the lenders want to see that there's comparables or comps. They're used in the real estate industry.

However, if things go really badly, they lose their principal and they're screwed. And this is important because it means that lenders are inherently cautious. They do not want the What this means in practices is that mortgages and other forms of debt end up locking in a status quo because the lenders want to see that there's comparables or comps. They're used in the real estate industry.

They want to see that there's comps for similar homes or units or buildings on the market. If you come in and say, I have this crazy new idea. I think it's going to change the world. They go, that's nice, but what do we get out of it? So that's one really important dynamic. Another important piece is through the FHA, the Federal Housing Administration. So during the Great Depression,

They want to see that there's comps for similar homes or units or buildings on the market. If you come in and say, I have this crazy new idea. I think it's going to change the world. They go, that's nice, but what do we get out of it? So that's one really important dynamic. Another important piece is through the FHA, the Federal Housing Administration. So during the Great Depression,

A lot of people had taken out short-term, what are called balloon loans. And they were a few years, maybe five years long, very different from the 30-year mortgages that we had today. That was a huge part of the problem with the Great Depression. A lot of people's loans came due just when the Depression was hitting and they were not able to get new loans. So many people lost their homes.

A lot of people had taken out short-term, what are called balloon loans. And they were a few years, maybe five years long, very different from the 30-year mortgages that we had today. That was a huge part of the problem with the Great Depression. A lot of people's loans came due just when the Depression was hitting and they were not able to get new loans. So many people lost their homes.