Community Economics Linking Theory and Practice

ISBN-10: 0813816378
ISBN-13: 9780813816371
Edition: 2nd 2004
List price: $122.95 Buy it from $36.94
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Description: 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  More...

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Book details

List price: $122.95
Edition: 2nd
Copyright year: 2004
Publisher: John Wiley & Sons, Incorporated
Publication date: 4/19/2004
Binding: Hardcover
Pages: 364
Size: 7.50" wide x 10.50" long x 1.00" tall
Weight: 2.970
Language: English

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.

Foreword
Preface
Community Economic Development Theory
Defining Community Economic Development
Community
Development
Community Economic Development and Analysis
An Organizing Paradigm
Economics: Background Fundamentals
Market Efficiency and Pareto Optimality
Market Failure
Externalities
Summary
Study Questions
Notes
Growth Theory
Rostow-Kuznets Stages of Economic Growth
Income Distribution and the Stages of Development
Critique of the Stages of Development Theory
Structural Change Theories of Economic Growth
The Lewis Model of Structural Change
Patterns of Development
Critiques of Structural Change Theories
Neoclassical Solow-Swan Growth Theory
Spatial Interpretation of the Neoclassical Theory
Critiques of the Neoclassical Theory
Endogenous Growth Theory
Spatial Implications of Endogenous Growth Theory
Critiques of Endogenous Growth Theory
Policy Implications and Summary
Study Questions
Notes
Space and Community Economics
Significance of Location Theory in Community Economics
Profit Maximization
Least Cost or Cost Minimization
Demand Maximization
Summary and Critique of Classical Location Theory
Behavioral Approach
Objective Functions
Uncertainty
Information
Summary and Critique of the Behavioral Approach
Institutional Approach
Agglomeration in Location Theory
Regional Comparative Advantage
Industry Clusters
Alternative Agglomeration Semantics
Porter's Approach to Regional Competitive Advantage
Product Life Cycle
Limitations of Location Theory
Summary
Study Questions
Notes
Concepts of Community Markets
Circular Flow
External Markets: Export Base Theory
Limitations
Export Base Multipliers
Internal Markets: Central Place Theory
Range of a Good or Service
Demand Threshold
Central Place Hierarchy
Shifts in the Hierarchy of Central Places
Limitations of Central Place Theory
Concepts of Internal Market Analysis
How Trade Areas Differ
Identifying High Potential Internal Market Sectors
Information of Interest to Retail and Service Sector Prospects
Retail and Service Clustering
Developing a Clustering Strategy
Summary and Policy Implications
Study Questions
Notes
Community Factor Markets
Land Markets
Use Capacity of Land and Its Ownership
Productive Land Use
The Economic Basis of Urban Sprawl
The Exurbanization Process
Land Use Planning: The Analytical Toolbox
Cost-Benefit Analysis
Fiscal Impact Assessment
Economic Impact Analysis
Land Use Planning: The Directive Toolbox
Public Ownership
Public Regulations
Publicly Provided Incentives
Quasi-public Market-oriented Land Use Tools
Summary
Study Questions
Notes
Labor Markets
Labor Markets
Demand for Labor
Supply of Labor
Institutions/Rules
Labor Market Theories
Supply-oriented or Human Capital Theory
Demand/Rules-oriented Theories
Informal Work and Leisure
Community Labor Market Issues
Unemployment
Job/Worker Matching
Information
Labor Mobility
Discrimination
Exploitation
Contingent Labor Force
Poverty/Welfare Reform and Strategies to Address Low-income Levels
Summary
Study Questions
Notes
Financial Capital Markets
Community Capital Assets and Markets
Capital Stock Assets versus Flows of Funds
The Importance of Financial Capital Markets to Community Economics
An Overview of Financial Capital Markets
Nonhomogeneity of Capital Markets
Debt versus Equity in Capital Markets
Debt: Community Capital Markets
Secondary Markets
Correspondent Banking
Accessing New Sources of Capital
The Role of Banks in Community Economic Development
Equity: The Traditional Venture Capital Industry
Impediments to the Venture Capital Investment Process
The Decision-making Process
Capital Market Failures
Mobility
Information
Risk and Uncertainty
Regulation
Discrimination
Specific Venture/Equity Capital Market Failures
Policy Responses to Capital Market Failures
Summary
Study Questions
Notes
Technology and Innovation
What Are Technology and Innovation?
Innovation or Technological Adoption
Models Explicitly Incorporating Technology
Product/Innovation Life Cycle Theory
Growth Center/Propulsive Industries Theory
Disequilibrium Theories
Policy
Summary
Study Questions
Notes
Nonmarket Goods and Services: Amenities
The Concept of Nonmarket Goods and Services
The Array of Economic Goods and Services
The Value of Nonmarket Goods and Services
Use Values
Non-use Values (Option, Existence, and Bequest)
The Role of Amenities in Community Economic Development
The Temporal Aspect of Amenities
Characteristics of Amenities
Approaches to Estimating the Value of an Amenity
Incorporating Amenities into the Realm of Community Economic Analysis
The Incomplete Nature of Traditional Regional Accounts
Relationship to Our Conceptual Basis
Summary and Policy Implications
Study Questions
Notes
Local Government and Public Goods
When Private Markets Fail
Tiebout's Solution
A Stylized Model of Local Public Markets
Efficiency, Effectiveness, and Evaluation
Taxation
Sources of Revenue for Government
Qualities of a Good Tax System
Taxes, Spending, and Economic Growth
Summary
Study Questions
Notes
Institutions and the Art of Community Economics
Institutions and Society
The Role of Society and Culture in Community Economic Development
The Role of Institutions in Community Economic Development
Specific Institutions
Institutional Change
Government as an Institution
Incentives and Subsidies
Types of Subsidies
Critiques of Government Subsidies
Summary
Study Questions
Notes
Policy Modeling and Decision-Making
Our Capacity to Make Decisions (Social Capital)
Setting Collective Objectives
Utilitarianism
Libertarianism
Contractarianism
Arrow's Impossibility Theorem
Moving from Social Utility to Policy Action
An Objective Approach to Examining Policy
Addressing Community Needs: The Relevance of Public Policy
Identifying Community Strategies, Goals, and Objectives
Different Perspectives of Community Economic Development Policy Choices
Strategies for Community Economic Development
The Shaffer Approach
Community Entrepreneurship
A Zero Sum Approach
Complex Interrelationships and Persistence
Summary
Study Questions
Notes
The Practice of Community Economic Development
The Process of Community Economic Development
Readiness
Different Roles and Approaches
The Changing Logic of Community Economic Development
Community Decisions
Economic Data
Economic Accounts
Comparing Communities
Measuring a Community's Economy
Definitions of Industrial Sectors
Where to Find Data
Community Economic Analysis
The Community Economic Analysis Program
The Take Charge Program
Summary
Study Questions
Appendix A
Community Economic Preparedness Index
Appendix B
Twenty Questions about Your Community
Notes
Tools of Community Economics
Descriptive Tools of Community Economic Analysis
General Economic Trends
Growth Indices
Shift-share Analysis
Delineating the Relevant Economic Area
Defining Trade Areas by the Analysis of Customer Origins
Defining Trade Areas Based on Travel Time
Defining Trade Areas Based on Travel Distance: Gravity Models
Defining Labor Market Areas
Specialization: Bifurcating the Local Economy
Direct Methods
Indirect Methods
Local Market (Nonbasic) Analysis
Retail and Services Demand Analysis
Retail and Services Supply Analysis
Other Market Considerations and Gap Analysis
Summary
Study Questions
Notes
Inferential Tools of Community Economic Analysis: Fixed-Price Models
Input-Output Analysis
The Input-Output Descriptive Accounts
Crucial Assumptions of IO
An Example
The Predictive Input-Output Model
Input-Output Multipliers
Common Sense and Input-Output Multipliers
Input-Output Analysis in Practice
Extending the Traditional IO Framework
Social Accounting Matrix Analysis
The SAM Accounting Structure
Constructing a Regional SAM
Interpreting SAM Results
The Usefulness of SAM Analysis in Community Economics
Summary and Key Limitations of Fixed-price Models
Study Questions
Notes
Inferential Tools of Community Economic Analysis: Price Endogenous Models
Computable General Equilibrium Models
How a CGE Model Works
What a CGE Model Looks Like
A Simple Example
Operational CGE Models
Hybrid Conjoined Models
How a Conjoined Model Is Structured
Introduction to Spatial Statistics
Summary
Study Questions
Notes
Looking to the Future
Revisiting Our Definitions of Community Economic Development
Where We Have Been
A Comprehensive Approach to Community Economic Development
Strategies for Community Economic Development
What It's All About
A Comprehensive Theory
Notes
References
Index

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