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The Economist has published a lucid, well-reasoned, and interesting reported essay on why Silicon Valley, relatively speaking, is finished. Aaron linked to it last week and I, too, encourage you to read it.

I also think it’s wrong. Indeed, though well-argued and backed up both by compelling facts and impassioned quotes, the article is what journalists call an “evergreen” and also a bit of a “thumbsucker.” In short, I’ve read—and heard—it all before. Silicon Valley is too expensive, its people are too obnoxious, the traffic is too horrible, and other regions are hungrier. In its own finely honed words: “The cost of living and operating a firm will drive more people away. The dominance of the companies that have generated its current wealth will change the paths to success for those who stay. And unfavorable governmental policies will further harm the Valley’s dynamism.”

This is all true and then some. For all its phoniness and obsession with money, this region can be…