Tyler Cowen

So where are those hotspots in the U.S.?

Well, there's plenty of people.

Say you graduate from Berkeley, UC Berkeley, which is an excellent school.

A lot of those people want to stay in the Bay Area.

And I'm not sure they'll all be able to get the jobs they're looking for.

And that will, for them, be a problem.

Again, I'm unsure how much it will show up in the aggregates, but that's a place there's an outflux every year.

They want to hang around.

They're not, for the most part, looking to move like from Berkeley to Nashville.

And it may be tough.

The fact that we're hiring more carpenters, more gardeners, more salespeople, whatever, because we have more wealth.

again, could lag behind those negative impacts, and I expect they will.

I think GDP is an underrated metric.

If you put aside the Gulf oil and gas monarchies

Where people want to live is where GDP is high and the intangibles are pretty closely correlated.

Like take the 10 countries you'd most want to be born into.

They're all high GDP countries, right?

Now you could say, well, Singapore is a bit rich and they're a bit less happy.

Maybe, you know, Finland, GDP is a little lower.

They're a bit more happy.