Community Economics Linking Theory and Practice,9780813816371

Community Economics Linking Theory and Practice

by ; ;
Edition: 2nd
ISBN13: 9780813816371
ISBN10: 0813816378
Format: Hardcover
Pub. Date: 2004-04-19
Publisher(s): Wiley-Blackwell
List Price: $160.10

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Summary

The first edition of provided readers with a comprehensive understanding of the many non-farm economic activities in rural America. In this complete revision of Dr. Shaffer's Community Economics: Economic Structure and Change in Smaller Communities authors Deller and Marcouiller join Shaffer to review the economics of smaller communities. To date, the main body of economic research and literature has neglected the economics of smaller communities. Community Economics: Linking Theory and Practice fills the information void. This text serves as a comprehensive guide on rural economies for economists, regional planners, rural sociologists and geographers. Additionally, it acts as an issue-oriented handbook of development strategies for government workers, planning and zoning officials, and others involved in the day-to-day commerce of community development.

Author Biography

Ron Shaffer is an Emeritus Professor, Department of Agricultural and Applied Economics, University of Wisconsin-Madison/Extension.


Steve Deller is a Professor, Department of Agricultural and Applied Economics, University of Wisconsin-Madison/Extension.


Dave Marcouiller is a Professor, Department of Urban and Regional Planning, University of Wisconsin-Madison/Extension.

Table of Contents

Foreword xv
Preface xvii
Section I Community Economic Development Theory 1(78)
1 Defining Community Economic Development
2(18)
Community
2(1)
Development
3(2)
Community Economic Development and Analysis
5(1)
An Organizing Paradigm
6(2)
Economics: Background Fundamentals
8(9)
Market Efficiency and Pareto Optimality
8(6)
Market Failure
14(1)
Externalities
15(2)
Summary
17(1)
Study Questions
18(1)
Notes
19(1)
2 Growth Theory
20(18)
Rostow-Kuznets Stages of Economic Growth
21(3)
Income Distribution and the Stages of Development
21(3)
Critique of the Stages of Development Theory
24(1)
Structural Change Theories of Economic Growth
24(2)
The Lewis Model of Structural Change
24(1)
Patterns of Development
25(1)
Critiques of Structural Change Theories
25(1)
Neoclassical Solow-Swan Growth Theory
26(6)
Spatial Interpretation of the Neoclassical Theory
28(3)
Critiques of the Neoclassical Theory
31(1)
Endogenous Growth Theory
32(3)
Spatial Implications of Endogenous Growth Theory
34(1)
Critiques of Endogenous Growth Theory
35(1)
Policy Implications and Summary
35(1)
Study Questions
36(1)
Notes
36(2)
3 Space and Community Economics
38(21)
Significance of Location Theory in Community Economics
38(1)
Profit Maximization
39(9)
Least Cost or Cost Minimization
41(3)
Demand Maximization
44(4)
Summary and Critique of Classical Location Theory
48(1)
Behavioral Approach
48(2)
Objective Functions
48(1)
Uncertainty
49(1)
Information
49(1)
Summary and Critique of the Behavioral Approach
50(1)
Institutional Approach
50(1)
Agglomeration in Location Theory
51(4)
Regional Comparative Advantage
51(1)
Industry Clusters
52(1)
Alternative Agglomeration Semantics
53(1)
Porter's Approach to Regional Competitive Advantage
54(1)
Product Life Cycle
55(1)
Limitations of Location Theory
56(1)
Summary
56(1)
Study Questions
57(1)
Notes
58(1)
4 Concepts of Community Markets
59(20)
Circular Flow
59(2)
External Markets: Export Base Theory
61(5)
Limitations
63(2)
Export Base Multipliers
65(1)
Internal Markets: Central Place Theory
66(7)
Range of a Good or Service
67(1)
Demand Threshold
68(1)
Central Place Hierarchy
69(3)
Shifts in the Hierarchy of Central Places
72(1)
Limitations of Central Place Theory
73(1)
Concepts of Internal Market Analysis
73(3)
How Trade Areas Differ
74(1)
Identifying High Potential Internal Market Sectors
74(1)
Information of Interest to Retail and Service Sector Prospects
75(1)
Retail and Service Clustering
75(1)
Developing a Clustering Strategy
76(1)
Summary and Policy Implications
76(1)
Study Questions
77(1)
Notes
78(1)
Section II Community Factor Markets 79(105)
5 Land Markets
81(21)
Use Capacity of Land and Its Ownership
82(10)
Productive Land Use
82(7)
The Economic Basis of Urban Sprawl
89(2)
The Exurbanization Process
91(1)
Land Use Planning: The Analytical Toolbox
92(1)
Cost-Benefit Analysis
93(1)
Fiscal Impact Assessment
93(1)
Economic Impact Analysis
93(1)
Land Use Planning: The Directice Toolbox
93(6)
Public Ownership
94(1)
Public Regulations
94(1)
Publicly Provided Incentives
95(2)
Quasi-public Market-oriented Land Use Tools
97(2)
Summary
99(1)
Study Questions
100(1)
Notes
100(2)
6 Labor Markets
102(21)
Labor Markets
102(7)
Demand for Labor
104(2)
Supply of Labor
106(2)
Institutions/Rules
108(1)
Labor Market Theories
109(4)
Supply-oriented or Human Capital Theory
109(2)
Demand/Rules-oriented Theories
111(2)
Informal Work and Leisure
113(1)
Community Labor Market Issues
114(4)
Unemployment
115(1)
Job/Worker Matching
115(1)
Information
116(1)
Labor Mobility
117(1)
Discrimination
117(1)
Exploitation
117(1)
Contingent Labor Force
118(1)
Poverty/Welfare Reform and Strategies to Address Low-income Levels
118(1)
Summary
119(1)
Study Questions
120(1)
Notes
121(2)
7 Financial Capital Markets
123(18)
Community Capital Assets and Markets
123(1)
Capital Stock Assets versus Flows of Funds
123(1)
The Importance of Financial Capital Markets to Community Economics
123(1)
An Overview of Financial Capital Markets
124(2)
Nonhomogeneity of Capital Markets
125(1)
Debt versus Equity in Capital Markets
126(1)
Debt: Community Capital Markets
126(4)
Secondary Markets
127(1)
Correspondent Banking
128(1)
Accessing New Sources of Capital
128(1)
The Role of Banks in Community Economic Development
128(2)
Equity: The Traditional Venture Capital Industry
130(3)
Impediments to the Venture Capital Investment Process
131(1)
The Decision-making Process
132(1)
Capital Market Failures
133(5)
Mobility
133(1)
Information
134(1)
Risk and Uncertainty
135(2)
Regulation
137(1)
Discrimination
137(1)
Specific Venture/Equity Capital Market Failures
137(1)
Policy Responses to Capital Market Failures
138(1)
Summary
138(1)
Study Questions
139(1)
Notes
139(2)
8 Technology and Innovation
141(12)
What Are Technology and Innovation?
143(2)
Innovation or Technological Adoption
145(2)
Models Explicitly Incorporating Technology
147(3)
Product/Innovation Life Cycle Theory
147(2)
Growth Center/Propulsive Industries Theory
149(1)
Disequilibrium Theories
149(1)
Policy
150(1)
Summary
151(1)
Study Questions
152(1)
Notes
152(1)
9 Nonmarket Goods and Services: Amenities
153(14)
The Concept of Nonmarket Goods and Services
153(4)
The Array of Economic Goods and Services
153(2)
The Value of Nonmarket Goods and Services
155(1)
Use Values
156(1)
Non-use Values (Option, Existence, and Bequest)
157(1)
The Role of Amenities in Community Economic Development
157(5)
The Temporal Aspect of Amenities
158(1)
Characteristics of Amenities
159(1)
Approaches to Estimating the Value of an Amenity
160(2)
Incorporating Amenities into the Realm of Community Economic Analysis
162(3)
The Incomplete Nature of Traditional Regional Accounts
162(1)
Relationship to Our Conceptual Basis
163(2)
Summary and Policy Implications
165(1)
Study Questions
165(1)
Notes
165(2)
10 Local Government and Public Goods
167(17)
When Private Markets Fail
168(9)
Tiebout's Solution
170(1)
A Stylized Model of Local Public Markets
171(4)
Efficiency, Effectiveness, and Evaluation
175(2)
Taxation
177(3)
Sources of Revenue for Government
177(1)
Qualities of a Good Tax System
178(2)
Taxes, Spending, and Economic Growth
180(2)
Summary
182(1)
Study Questions
182(1)
Notes
182(2)
Section III Institutions and the Art of Community Economics 184(74)
11 Institutions and Society
185(17)
The Role of Society and Culture in Community Economic Development
186(1)
The Role of Institutions in Community Economic Development
187(2)
Specific Institutions
188(1)
Institutional Change
189(1)
Government as an Institution
189(10)
Incentives and Subsidies
192(3)
Types of Subsidies
195(1)
Critiques of Government Subsidies
196(3)
Summary
199(1)
Study Questions
200(1)
Notes
200(2)
12 Policy Modeling and Decision-Making
202(22)
Our Capacity to Make Decisions (Social Capital)
202(3)
Setting Collective Objectives
205(2)
Utilitarianism
205(1)
Libertarianism
206(1)
Contractarianism
206(1)
Arrow's Impossibility Theorem
207(1)
Moving from Social Utility to Policy Action
207(1)
An Objective Approach to Examining Policy
208(2)
Addressing Community Needs: The Relevance of Public Policy
210(1)
Identifying Community Strategies, Goals, and Objectives
210(5)
Different Perspectives of Community Economic Development Policy Choices
213(2)
Strategies for Community Economic Development
215(3)
The Shaffer Approach
215(3)
Community Entrepreneurship
218(1)
A Zero Sum Approach
219(1)
Complex Interrelationships and Persistence
220(1)
Summary
221(1)
Study Questions
222(1)
Notes
222(2)
13 The Practice of Community Economic Development
224(34)
The Process of Community Economic Development
224(7)
Readiness
224(2)
Different Roles and Approaches
226(3)
The Changing Logic of Community Economic Development
229(1)
Community Decisions
230(1)
Economic Data
231(4)
Economic Accounts
231(1)
Comparing Communities
231(2)
Measuring a Community's Economy
233(1)
Definitions of Industrial Sectors
234(1)
Where to Find Data
235(1)
Community Economic Analysis
236(4)
The Community Economic Analysis Program
238(1)
The Take Charge Program
239(1)
Summary
240(1)
Study Questions
241(2)
Appendix A
243(13)
Community Economic Preparedness Index
243(13)
Appendix B
256(1)
Twenty Questions about Your Community
256(1)
Notes
257(1)
Section IV Tools of Community Economics 258(72)
14 Descriptive Tools of Community Economic Analysis
259(23)
General Economic Trends
259(3)
Growth Indices
259(1)
Shift-share Analysis
260(2)
Delineating the Relevant Economic Area
262(6)
Defining Trade Areas by the Analysis of Customer Origins
262(2)
Defining Trade Areas Based on Travel Time
264(2)
Defining Trade Areas Based on Travel Distance: Gravity Models
266(2)
Defining Labor Market Areas
268(1)
Specialization: Bifurcating the Local Economy
268(4)
Direct Methods
268(1)
Indirect Methods
269(3)
Local Market (Nonbasic) Analysis
272(7)
Retail and Services Demand Analysis
272(4)
Retail and Services Supply Analysis
276(2)
Other Market Considerations and Gap Analysis
278(1)
Summary
279(1)
Study Questions
279(1)
Notes
280(2)
15 Inferential Tools of Community Economic Analysis: Fixed-Price Models
282(20)
Input-Output Analysis
283(13)
The Input-Output Descriptive Accounts
283(1)
Crucial Assumptions of IO
284(3)
An Example
287(1)
The Predictive Input-Output Model
288(2)
Input-Output Multipliers
290(3)
Common Sense and Input-Output Multipliers
293(1)
Input-Output Analysis in Practice
294(1)
Extending the Traditional IO Framework
295(1)
Social Accounting Matrix Analysis
296(3)
The SAM Accounting Structure
296(1)
Constructing a Regional SAM
297(1)
Interpreting SAM Results
297(1)
The Usefulness of SAM Analysis in Community Economics
298(1)
Summary and Key Limitations of Fixed-price Models
299(1)
Study Questions
300(1)
Notes
300(2)
16 Inferential Tools of Community Economic Analysis: Price Endogenous Models
302(14)
Computable General Equilibrium Models
303(5)
How a CGE Model Works
303(1)
What a CGE Model Looks Like
304(1)
A Simple Example
305(2)
Operational CGE Models
307(1)
Hybrid Conjoined Models
308(3)
How a Conjoined Model Is Structured
310(1)
Introduction to Spatial Statistics
311(3)
Summary
314(1)
Study Questions
314(1)
Notes
315(1)
17 Looking to the Future
316(14)
Revisiting Our Definitions of Community Economic Development
317(1)
Where We Have Been
318(4)
A Comprehensive Approach to Community Economic Development
322(3)
Strategies for Community Economic Development
325(2)
What It's All About
327(1)
A Comprehensive Theory
328(1)
Notes
329(1)
References 330(23)
Index 353

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