Who benefits from state and local economic development policies pdf
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Book Wages, Incomes, and Wealth. Download PDF. Purchase Rethinking Growth Strategies online. Creating jobs and growing the economy are top priorities for state and local officials. Their tools of choice to achieve these goals may, however, be the least effective among those available to them.
Who Benefits from State and Local Economic Development Policies?
Timothy J. Bartik , W. Upjohn Institute for Employment Research Follow. Bartik reviews evidence on whether state and local policies affect job growth. He then presents empirical data supporting the intentions of such programs, showing that job growth may lead to a number of positive long-term effects including: lower unemployment, higher labor force participation, higher real estate values, and better occupational opportunities. He also shows that the earnings gains to disadvantaged groups outweigh the resulting increased real estate values for property owners, and concludes by saying that regional competition for jobs may actually be a benefit for the nation as a whole.
This article clarifies the key issues and findings relevant to public policy toward promoting local economic development through tax incentives and other business incentives. It defines incentives as public policies that, in addition to being aimed at affecting business decisions, are more or less customized to individual businesses and more or less discretionary. It reveals how tax incentives vary with incentive design. This includes financing, business target, the timing of assistance, hiring practices, and the accountability of businesses. It addresses the question of how such business incentives should be regulated and designed by different levels of government in order to maximize social benefits and, in particular, in order to increase efficiently per capita earnings. Finally, it explores the implications for federal, state, and local policy toward business incentives. Keywords: local economic development , tax incentives , business incentives , incentive design , social benefits , local policy.
Although state and federal governments use a variety of policy tools to promote growth in economically distressed areas, the strategy that has received the most attention in recent years is economic development subsidies. Several economic development subsidy packages awarded to specific companies have been a fixation of policymakers and national news outlets. For example, shortly after the election, President-elect Donald Trump claimed credit for brokering a deal in which Indiana gave an air conditioner manufacturer a generous subsidy to dissuade it from offshoring jobs to Mexico—which the company ultimately did anyway. When a company is considering relocation or expansion, city, county, and state officials compete by offering various incentives to entice companies to come to their communities. Policymakers who denounce massive subsidies and giveaways are often accused of costing a region jobs; and corporations recognize the leverage that they have over cities, states, and counties when they make credible threats of departure or nonarrival—moves made possible by globally mobile capital. In crafting effective economic development policy, federal, state, and local governments must work together to lean against this shift in bargaining power and resist the temptation to compete against each other to drive down standards and bid up giveaways.
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Bartik reviews evidence on whether state and local policies affect job growth. He then presents empirical data supporting the intentions of such programs, showi.
Not a MyNAP member yet? Register for a free account to start saving and receiving special member only perks. Federal investments in research and development have historically supported the security of the nation, the protection of public health and the environment, the growth of new industries, and the employment of millions of Americans. However, proposed cuts to federal support and policy guidance could encourage more state governments to take on new or larger roles in developing innovation policy priorities.
As the access to this document is restricted, you may want to search for a different version of it. More about this item Keywords local ; regional ; economic development ; regional economic development ; subsidies ; tax credits ; job growth ; firm location ; firm relocation ; All these keywords. You can help correct errors and omissions.
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