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THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH WWW.THEWEALTHREPORT.NET 2012 A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH THE WEALTH REPORT Written by Knight Frank Research Published on behalf of Knight Frank and Citi Private Bank by Think Publishing FOR KNIGHT FRANK Editor-in-Chief: Andrew Shirley Executive Publisher: Victoria Kinnard Assistant Editor: Vicki Shiel Marketing: Rebecca Maher Research enquiries: liam.bailey@knightfrank.com Press enquiries: rosie.cade@knightfrank.com FOR CITI PRIVATE BANK Head of Marketing, EMEA: Andrew Richmond Marketing, EMEA: Nadeem Hussain Press enquiries: adam.castellani@citi.com FOR THINK Consultant Editor: Ben Walker Managing Editor: Ben Willis Creative Director: Ewan Buck Designer: Nikki Ackerman Senior Account Manager: Jackie Scully Managing Director: Polly Arnold Information Graphics: Paul Wootton Portrait Illustrations: Peter Field PRINTING Pureprint Group Limited 2012 A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH ANDREW SHIRLEY Andrew edits The Wealth Report and Global Briefing, Knight Frank’s prime property blog GRÁINNE GILMORE Gráinne was an economics correspondent at The Times before joining Knight Frank’s Residential Research team VICKI SHIEL Vicki, a former journalist, is a member of Knight Frank’s Residential Research team LIAM BAILEY Liam is Head of Knight Frank’s Residential Research team and is a leading authority on global prime property markets JAMES ROBERTS James is Head of Knight Frank’s Commercial Research team and specialises in prime global oce markets ILLUSTRATIONS BY ADAM SIMPSON Adam has contributed to major exhibitions in London, New York, Bologna and Japan. Included in the 2009 Art Directors Club Young Guns awards CONTRIBUTORS N ever before have wealth creation, economic risk and politics been so closely intertwined with the performance of prime residential and commercial property markets. Drawing on insight from Knight Frank, Citi Private Bank and other leading commentators, The Wealth Report 2012 pulls together all these strands and explains their connections and likely implications. Using exclusive data and survey results, we uncover how the wealth being generated by the world’s fastest growing economies is an integral part of the equation, but also discover on page 16 that economic growth alone is not enough to create cities considered genuinely important by the world’s wealthiest people. The central trend dominating prime property markets has been the relentless growth of “plutonomy” economics, a phenomenon that sees the wealth of the richest 1% growing far quicker than that of the general population – a trend we initially examined in our first Wealth Report in 2007. A year later, in the eye of the global economic storm, plutonomy seemed under threat as asset values plummeted. Ironically the response to the financial crisis did more to revive the value of investments held by the wealthy than improve the position of the wider population. Gráinne Gilmore’s article on page 10 of this year’s report highlights growing political concerns about the potential effects of income inequality. My own analysis of prime residential property on page 26 points to the growing interest in wealth The Keynesian Perspective on Market Forces The Keynesian Perspective on Market Forces By: OpenStaxCollege Ever since the birth of Keynesian economics in the 1930s, controversy has simmered over the extent to which government should play an active role in managing the economy In the aftermath of the human devastation and misery of the Great Depression, many people—including many economists—became more aware of vulnerabilities within the market-oriented economic system Some supporters of Keynesian economics advocated a high degree of government planning in all parts of the economy However, Keynes himself was careful to separate the issue of aggregate demand from the issue of how well individual markets worked He argued that individual markets for goods and services were appropriate and useful, but that sometimes that level of aggregate demand was just too low When 10 million people are willing and able to work, but one million of them are unemployed, he argued, individual markets may be doing a perfectly good job of allocating the efforts of the nine million workers—the problem is that insufficient aggregate demand exists to support jobs for all 10 million Thus, he believed that, while government should ensure that overall level of aggregate demand is sufficient for an economy to reach full employment, this task did not imply that the government should attempt to set prices and wages throughout the economy, nor to take over and manage large corporations or entire industries directly Even if one accepts the Keynesian economic theory, a number of practical questions remain In the real world, can government economists identify potential GDP accurately? Is a desired increase in aggregate demand better accomplished by a tax cut or by an increase in government spending? Given the inevitable delays and uncertainties as policies are enacted into law, is it reasonable to expect that the government can implement Keynesian economics? Can fixing a recession really be just as simple as pumping up aggregate demand? Government Budgets and Fiscal Policy will probe these issues The Keynesian approach, with its focus on aggregate demand and sticky prices, has proved useful in understanding how the economy fluctuates in the short run and why recessions and cyclical unemployment occur In The Neoclassical Perspective, we will consider some of the shortcomings of the Keynesian approach and why it is not especially well-suited for long-run macroeconomic analysis 1/3 The Keynesian Perspective on Market Forces The Great Recession The lessons learned during the Great Depression of the 1930s and the aggregate expenditure model proposed by John Maynard Keynes gave the modern economists and policymakers of today the tools to effectively navigate the treacherous economy in the latter half of the 2000s In “How the Great Recession Was Brought to an End,” Alan S Blinder and Mark Zandi wrote that the actions taken by today’s policymakers stand in sharp contrast to those of the early years of the Great Depression Today’s economists and policymakers were not content to let the markets recover from recession without taking proactive measures to support consumption and investment The Federal Reserve actively lowered short-term interest rates and developed innovative ways to pump money into the economy so that credit and investment would not dry up Both Presidents Bush and Obama and Congress implemented a variety of programs ranging from tax rebates to “Cash for Clunkers” to the Troubled Asset Relief Program to stimulate and stabilize household consumption and encourage investment Although these policies came under harsh criticism from the public and many politicians, they lessened the impact of the economic downturn and may have saved the country from a second Great Depression Key Concepts and Summary The Keynesian prescription for stabilizing the economy implies government intervention at the macroeconomic level—increasing aggregate demand when private demand falls and decreasing aggregate demand when private demand rises This does not imply that the government should be passing laws or regulations that set prices and quantities in microeconomic markets Self-Check Questions Does Keynesian economics require government to set controls on prices, wages, or interest rates? Keynesian economics does not require microeconomic price controls of any sort It is true that many Keynesian economic prescriptions were for the government to influence the total amount of aggregate demand in the economy, often through government spending and tax cuts List three practical problems with the Keynesian perspective The three problems center on government’s ability to estimate potential GDP, decide whether to influence aggregate demand through tax changes or changes in government spending, and the lag time that occurs as Congress and the President attempt to pass legislation 2/3 The Keynesian Perspective on Market Forces Review Questions How did the Keynesian ...DOI: 10.1002/cphc.200800572 A Single-Molecule Perspective on the Role of Solvent Hydrogen Bonds in Protein Folding and Chemical Reactions Lorna Dougan,* [a] Ainavarapu Sri Rama Koti, [b] Georgi Genchev, [c] Hui Lu, [c] and Julio M. Fernandez* [a] 1. Introduction The structure and dynamics of proteins and enzymatic activity is intrinsically linked to the strength and positions of hydrogen bonds in the system. [1] A hydrogen bond results from an at- tractive force between an electronegative atom and a hydro- gen atom. [2] The hydrogen is attached to a strongly electroneg- ative heteroatom, such as oxygen or nitrogen, termed the hy- drogen-bond donor. This electronegative atom decentralizes the electron cloud around the hydrogen nucleus, leaving the hydrogen atom with a positive partial charge. Since the hydro- gen atom is smaller than other atoms, the resulting partial charge represents a large charge density. A hydrogen bond re- sults when this strong positive charge density attracts a lone pair of electrons on another heteroatom, which becomes the hydrogen-bond acceptor. Although stronger than most other intermolecular forces, the hydrogen bond is much weaker than both the ionic and the covalent bonds. [2] Within macromole- cules such as proteins and nucleic acids, it can exist between two parts of the same molecule, and provides an important constraint on the molecule’s overall shape. [3] The hydrogen bond was first introduced in 1912 by Moore and Winmill [4] and its importance in protein structure was first made apparent in the 1950s by Pauling [5–7] and in the earl y treatise of Pimental & McClellan. [8] More recently, detailed structural patterns of hy- drogen bonding have been analyzed using techniques such as X-ray diffraction to identify recurrent properties in proteins. [9] Along with its importance in protein structure, the relative strength of hydrogen bonding interactions is thought to deter- mine protein folding dynamics. [1,10] The breaking and reforma- tion of hydrogen bonds within the protein and with the sol- vent environment is therefore a key determinant of protein dy- namics. [11] In solution, hydrogen bonds are not rigid, but rather fluxional on a timescale of ~50 ps. [12] This fluxional behaviour is due to the low activation energy of hydrogen bond rupture ~1–1.5 kcalmol À1 . Indeed, in the absence of water considerably higher activation energies have been calculated and it has been proposed that diminished fluxional motions would not support many life processes, since physio logical temperatures could not lead to rupture and realignment of hydrogen bonds. [12] One model system for exploring the structure and dynamics of hydrogen bonds is that of water (H 2 O) and heavy water, deuterium oxide (D 2 O). [13] The oxygen atom of a water mole- cule has two lone pairs, each of which can form a hydrogen bond with hydrogen atoms on two other water molecules. This arrangement allows water molecules to form hydrogen bonds with four other molecules. [14] On the macroscopic level, both experimental [15] and theoretical studies [16] studies have demonstrated that in water, deuterium bonds are stronger than hydrogen bonds by ~0.1 to 0.2 kcalmol À1 . The increased strength of MEE T I N G RE P O R T Open Access The trainees’ perspective on developing an end- of-grant knowledge translation plan Brenda MY Leung 1* , Cristina Catallo 2 , Natalie D Riediger 3 , Naomi E Cahill 4 , Monika Kastner 5 Abstract Background: Knowledge translation (KT) is a rapidly growing field that is becoming an integral part of research protocols. Methods: This meeting report describes one group’s experience at the 2009 KT Canada Summer Institute in developing an end-of-grant KT plan for a randomized control trial proposal. Results: Included is a discussion of the process, challenges, and recommendations from the trainee’s perspective in developing an end-of-grant KT plan. Conclusion: New researchers should consider developing an end-of-grant KT plan with strategies that move beyond passive dissemination to incorporate innovative means of collaboration with the end user to craft the message, package the information, and share the research findings with end users. Introduction Knowledge translation (KT) is a rapidly growing field that is becoming an integral part of research protocols. KT, as defined by the Canadian Institutes for Health Research (CIHR) is a complex, ‘dynamic, and iterative process’ comprised of synthesis, dissemination, exchange, and application activities in order to enhance the delivery and distribution of effectiv e health care ser- vices [1]. Two models for KT are described by CIHR – integrated and end-of-grant [2]. In an integrated KT model, researchers actively collaborate with potential end users through all stages of the research process from question generation, methods development, data collection and analysis, and/or dissemination of results [3]. End-of-grant KT focuses largely on dissemination activities at the end of a research project where mes- sages are tailored for specific audiences and with various intensities from diffusion to dissemination to application [3,4] via traditional routes such as academic conferences and peer-reviewed journals to more innovative strategies to promote uptake of new knowledge such as through engaging the media [5]. CIHR has created a resource for researchers and trainees to facilitate the planning of effective end-of-grant KT activities. This guide includes the declaration of goals for dissemination, identification of a target audience, KT strategies, expertise and resources needed [4,6]. To enhance KT capacity, a training program in the form of a summer institute has been funded by CIHR. The second KT Canada Summer Institute (SI) was held in Toronto, ON, August 2009. The overall structure of the KTSI has been published elsewhere [7]. The focus of the 2009 KTSI was to explore the knowledge-to-action framework and expose trainees to opportunities and challenges in this field (Appendix 1). During the KTSI, trainees were assigned to small groups to work on var- ious case studies from developing an end-of-grant KT plan to evaluating KT interventions used in research. Trainees worked collaboratively in their groups using a problem-based format supported by two or three KTSI faculty as facilitators. Our group was assigned to develop an end-of-grant KT plan under the guidance of our faculty facilitators (Drs. David Johnson, Sharon Straus, Sumit Majumdar) who were clinicians and academic researchers with experience in end-of-grant KT. To aid in completion of the task, we were provided with a document with ‘tips for working successfully in a group’ and some background re ading associated with the task, namely: Chapter 5 on Knowledge Dissemination and Exchange of Knowledge in Knowledge Translation in * Correspondence: bleun@ucalgary.ca 1 Department of Community Health Sciences, Faculty of Medicine, University of Calgary, Calgary, Alberta, Canada Full list of author information is available at the end of the article Leung et al. Implementation Science 2010, 5:78 http://www.implementationscience.com/content/5/1/78 Implementation Science © 2010 Leung et al; licensee BioMed In this book Jonathan Lowe offers a lucid and wide-ranging introduction to the philosophy of mind. Using aproblem-centred approach designed to stimulate as wellas instruct, he begins with a general examination of themind–body problem and moves on to detailed examina-tion of more specific philosophical issues concerningsensation, perception, thought and language, rational-ity, artificial intelligence, action, personal identity andself-knowledge. His discussion is notably broad in scope,and distinctive in giving equal attention to deep meta-physical questions concerning the mind and to the dis-coveries and theories of modern scientific psychology. Itwill be of interest to any reader with a basic groundingin modern philosophy.E. J. Lowe is Professor of Philosophy at the University ofDurham. His publications include Kinds of Being (1989),Locke on Human Understanding (1995), Subjects of Experience(1996) and The Possibility of Metaphysics (1998). AN INTRODUCTION TO THEPHILOSOPHY OF MIND AN INTRODUCTIONTO THE PHILOSOPHYOF MINDE. J. LOWEUniversity of Durham The Pitt Building, Trumpington Street, Cambridge, United Kingdom The Edinburgh Building, Cambridge CB2 2RU, UK40 West 20th Street, New York, NY 10011-4211, USA477 Williamstown Road, Port Melbourne, VIC 3207, AustraliaRuiz de Alarcón 13, 28014 Madrid, SpainDock House, The Waterfront, Cape Town 8001, South Africahttp://www.cambridge.orgFirst published in printed format ISBN 0-521-65285-5 hardbackISBN 0-521-65428-9 paperbackISBN 0-511-04054-7 eBookE. J. Lowe 20042000(netLibrary)© ContentsPrefacepagexi1Introduction1Empiricalpsychologyandphilosophicalanalysis2Metaphysicsandthephilosophyofmind3Abriefguidetotherestofthisbook62Minds,bodiesandpeople8Cartesiandualism9Theconceivabilityargument11Thedivisibilityargument13Non-Cartesiandualism15Arepersonssimplesubstances?18Conceptualobjectionstodualisticinteraction21Empiricalobjectionstodualisticinteraction24Thecausalclosureargument26Objectionstothecausalclosureargument29Otherargumentsforandagainstphysicalism32Conclusions363Mentalstates39Propositionalattitudestates40Behaviourismanditsproblems41Functionalism44Functionalismandpsychophysicalidentitytheories48Theproblemofconsciousness51Qualiaandtheinvertedspectrumargument53Somepossibleresponsestotheinvertedspectrumargument55Theabsentqualiaargumentandtwonotionsofconsciousness59Eliminativematerialismand‘folkpsychology’61Someresponsestoeliminativematerialism64Conclusions66vii Contentsviii4Mentalcontent69Propositions70Thecausalrelevanceofcontent74Theindividuationofcontent79Externalisminthephilosophyofmind82Broadversusnarrowcontent84Content,representationandcausality89Misrepresentationandnormality92Theteleologicalapproachtorepresentation95Objectionstoateleologicalaccountofmentalcontent99Conclusions1005Sensationandappearance102Appearanceandreality103Sense-datumtheoriesandtheargumentfromillusion107Otherargumentsforsense-data110Objectionstosense-datumtheories112Theadverbialtheoryofsensation114Theadverbialtheoryandsense-data116Primaryandsecondaryqualities119Sense-datumtheoriesandtheprimary/secondarydistinction121Anadverbialversionoftheprimary/secondarydistinction125Docolour-propertiesreallyexist?126Conclusions1286Perception130Perceptualexperienceandperceptualcontent131Perceptualcontent,appearanceandqualia135Perceptionandcausation137Objectionstocausaltheoriesofperception143Thedisjunctivetheoryofperception145Thecomputationalandecologicalapproachestoperception149Consciousness,experienceand‘blindsight Introduction to the Keynesian Perspective Introduction to the Keynesian Perspective By: OpenStaxCollege Signs of a Recession Home foreclosures were just one of the many signs and symptoms of the recent Great Recession During ... Keynesian Perspective on Market Forces Review Questions How did the Keynesian perspective address the economic market failure of the Great Depression? Critical Thinking Questions Return to the table.. .The Keynesian Perspective on Market Forces The Great Recession The lessons learned during the Great Depression of the 1930s and the aggregate expenditure model... have saved the country from a second Great Depression Key Concepts and Summary The Keynesian prescription for stabilizing the economy implies government intervention at the macroeconomic level—increasing