Are nations the wrong unit for measuring global wealth?
In short: Economists often focus on national borders, but a growing argument suggests cities are the true engines of prosperity. To understand the future of urban life, we must first figure out how to accurately measure the complex, human-driven vitality that makes a city thrive.
In her 2014 Annual Lord Mayor's Lecture, Fiona Woolf, then Lord Mayor of the City of London, challenged the traditional economic focus on nations. She suggested that cities act as 'factories of the mind,' driving innovation and generating wealth through the collective activity of their citizens. However, quantifying this urban energy is notoriously difficult, as traditional metrics like population or geography often fail to capture the true essence of urban value. While economists struggle with this shift, the core value lies in the people themselves. The wealth generated by citizens working together is what truly defines a city's worth.
The lecture, delivered as part of the 'Measuring Up Cities' conference, touched on the profound importance of quantification. Drawing on the words of Lord Kelvin, Woolf noted that measurement is the foundation of knowledge, providing the data from which information emerges. This concept of measurement as a driver of progress is echoed by historian Alfred W. Crosby, who argued that the success of European cities between 1260 and 1600 was tied to an explosion of quantification in fields ranging from mathematics to bookkeeping. This lecture was part of the Long Finance conference. It also served as a symposium to explore how governance and urban planning might evolve.
Yet, measurement is a double-edged sword. Woolf referenced the work of Boyle, specifically 'The Tyranny of Numbers,' to warn that being overly precise about trivial details can lead to silence on much larger, more vital truths. As we look toward the future of urban governance, the challenge remains: how do we develop new ways to measure the resources and human connections that will shape the cities of tomorrow? The lecture was delivered on 30 January 2014. It was presented by Woolf, who also serves as the President of Gresham College.
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Sources
- Summary by Intellect · source: Tomorrow's Cities - The Rt Hon the Lord Mayor of London Fiona Woolf CBE
- Also: Tomorrow's Cities
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