Steven Bond-Smith
The cost of “excess inflation” in Hawaii
By Daniela Bond-Smith, Steven Bond-Smith and Carl Bonham The cost of living in Hawaii continues to rise. In March, the Urban Hawaii (Honolulu) Consumer Price Index (CPI) was 7.5% higher than it was one year ago, squeezing household budgets and disproportionately impacting low-income households. Honolulu last saw an elevated inflation rate of 6.0% briefly in […]
Read MoreBlog: The Importance of Understanding Distance and Scale
By Steven Bond-Smith The economic geography of Hawaii is rather unique in the world. The economy is relatively small compared to other US states. But it is relatively large and advanced compared to many other Pacific economies. The state is extraordinarily isolated geographically, as is well known and appreciated. But it is also extraordinarily connected […]
Read MoreUHERO Annual Report: Response to COVID-19
By the end of 2020, The University of Hawai‘i Economic Research Organization (UHERO) received $1.2 million in private support to fund critical economic research, and help Hawai‘i on the path to recovery. Donors include Hawai‘i Community Foundation, Bank of Hawai‘i Foundation, Kamehameha Schools, First Hawaiian Bank Foundation, DGM Group, Hawaiian Electric Industries Charitable Foundation, Hawai‘i […]
Read MoreThe unintended consequences of increasing returns to scale in geographical economics
Increasing returns to scale is the basis for many powerful results in economics and economic geography. But the limitations of assumptions about returns to scale in economic growth theories are often ignored when applied to geography. This leads to an unintentional bias favoring scale and mistaken conclusions about geography, scale and growth. Alternatively, this bias […]
Read MoreLocation, Location, Location! A uniquely Hawai‘i economic development strategy
By Steven Bond-Smith Hawaiʻi’s economy is in trouble. Unemployment is typically low in Hawai‘i and it was close to an all-time low in March 2020 at just 2.1 per cent. But Covid-19 has ravaged the visitor industry. Business travel and tourism have dried up due to public health restrictions and the risk of contracting Covid […]
Read MoreLocation, Location, Location! A uniquely Hawaiʻi economic development strategy
By Steven Bond-Smith* Hawai‘i’s vulnerability to economic shocks has become a paramount concern during the pandemic. Extreme specialization in the visitor industry exposes Hawaiʻi to risk and volatility when events such as a pandemic, recession or terrorist attack trigger collapses in visitor numbers. In response, policy-makers in Hawaiʻi are placing an increasing emphasis on diversification. […]
Read More