Already, new forms of short-term and long-term rental housing are popping up in some metro areas. You can take on a house or apartment for a few months or even a year or two in developments that are striving to provide critical elements of community - schools, healthcare, social and cultural institutions - even for people who are living there only temporarily. People invested in a home, mortgage, or community are less likely to move to more economically vibrant locales. That kind of entrenchment is going to be an impediment to the coming spatial fix.

We have to acknowledge that we can't look to manufacturing or natural resources to drive growth like we have in the past. Human capital, talent, and knowledge are our most important resources now. Every city has hidden seeds of opportunity waiting to be nurtured. Places like Detroit, Cleveland, and Pittsburgh are among my favorite cities. They have great universities, clusters of innovation across a range of industries, and pools of innovative and creative talent to build on.

Builders need to take their preeminent position back from the traders for the economy of the future to flourish.

Places that succeed in attracting and retaining creative class people prosper; those that fail don't.

Beneath the surface, unnoticed by many, an even deeper force was at work—the rise of creativity as a fundamental economic driver, and the rise of a new social class, the Creative Class.

Ideas are the currency of the new economy.

Too much of what led up to the crisis in the old bubble days—the conspicuous consumption, the latter-day Gatsbyism—was fueled by a need to fill a huge emotional and psychological void left by the absence of meaningful work. When people cease to find meaning in work, when work is boring, alienating, and dehumanizing, the only option becomes the urge to consume—to buy happiness off the shelf, a phenomenon we now know cannot suffice in the long term.