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The local multiplier effect (sometimes called the local premium) is the additional economic benefit accrued to an area from money being spent in the local economy. The concept has been taken up by advocates for "spend local" campaigns in addition to more formal treatments in the area of regional economic development .
Here’s why keeping the doors at a small business open matters for the U.S. economy and local communities. ... best ways we can support small businesses is to encourage our philanthropists and ...
The main tenets of fiscal localism include buying products that are made locally and using a currency that is unique to that local economy. [3] This allows a community to grow at a controllable and sustainable rate by supporting farmers, shopkeepers, and service providers of a community.
"Local-economy theory" introduces insights into new economic development that honours ecological realities and finds efficiencies in small-scale, shared knowledge at the community level. [3] Community-based economies have been seen to focus on the idea that the “local community should be the focal point of development”.
Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development ...
The argument that "buying local" is good for the economy is questioned by many economic theorists. They argue that transportation costs actually account for a fraction of overall production prices, and that choosing less efficient local products over more efficient nonlocal products is an economic deadweight loss. Moreover, the community as a ...
Businesses and industries tend to locate in areas where these inputs are abundant and inexpensive, as this can help to reduce production costs and increase profits. For example, a manufacturing company may choose to locate near a large pool of skilled labor, or a resource-based industry such as mining or forestry may choose to locate near ...
The notion of community business is linked to the notion of community ownership, and more widely co-operative models of ownership.. In his History of Community Asset Ownership, [1] Steve Wyler argues that community ownership represents a strain of English socio-political thoughts and activism that can be traced back to the progressive removal of common land from the Norman Conquest and ...