The high-tech "paradise" created in the 1950s and 1960s "is now one giant parking lot, " he writes.

WSJ: Why High-Tech Companies Are Moving to the City

Many now see this era as a fools' paradise - during which pretty much everyone had an exaggerated faith in the stability of the economy, such that banks lent too much, many businesses and consumers borrowed too much, and the government fooled itself into thinking that tax revenues flowing in from a debt-fuelled boom would be sustainable.

BBC: Can the Bank of England hit any target?