Word: holmeses
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Dates: during 1990-1999
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Planning board members are currently in the process of reviewing Holmes's plans for the site.
Benji Chen's article, "Welcoming Holmes Trust: Central Square Development Would Carry Significant Positive Externalities" (Editorial, March 12) is a masterpiece of what might be called value-free positive economics.
Chen argues, through an exploration of externalities, for the Holmes Trust project, a six floor building of luxury apartments and chain stores in the middle of Central Square.
The Holmes Trust project, according to Chen "will benefit many local homeowners because their house values will increase." So those who earn little now will be benefited by increasing property values, reaping rewards from the soaring rents of their tenants. But most people who live in Cambridge do not own...
Once we recognize that the free market is as much a conscious policy as market regulation is--that to pose no checks to development is to ensure that it will happen--whether or not to allow the existence of the new building becomes a normative decision. To relegate the consequences...