Tuesday, September 25, 2007
Local businesses circulate money within a regional economy. They account for what economists call "the multiplier". One critical dimension of economic development involves increasing the velocity of the dollars circulated among these local businesses.
Here's an interesting commentary from an economist, based in Oregon. He points to studies completed by consulting firm in Austin, Texas, that compare the impact of consumer purchases between the big-box regional chains and locally owned retailers. Read more.
If you're interested in learning more about this strategy of economic development, I recommend a web site based in the United Kingdom, called Plugging the Leaks. Visit the web site here.
posted by Ed Morrison |
Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
If you are using a news reader, here is the link to syndicate this site:
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.