Memo: On J-Curves and Agglomeration

Walmart, Target, Instacart, and Amazon have collectively hired hundreds of thousands since February but that number will never be in the millions. This leaves a hole in the market. Where will America’s millions of retail employees work next?

The shift to online education, remote work, gaming, live conferencing, and leisure is a new form of agglomeration. A leading indicator, consumers have contributed to the first period of inflation for electronic products in over a decade. Over quarantine, these purchases provided gateways to work, socializing, and play. But if these behaviors become... See more