By Joseph Persky
The authors discover a brand new framework for comparing fiscal improvement tasks. This framework is predicated on a job-chain method. each one new task created through an monetary improvement incentive is stuffed by means of an worker who leaves at the back of one other activity. In flip, that activity might be crammed by way of anyone who leaves in the back of their outdated activity, and so forth. Such task chains finish whilst an unemployed employee, an individual no longer formerly within the hard work strength, or an in-migrant to the hard work industry takes a emptiness. activity chains are the mechanism for watching and measuring "trickle down". The task trains version built during this booklet offers new insights into neighborhood fiscal improvement assessment and procedure.
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Extra info for Does "Trickle Down" Work?: Economic Development Strategies and Job Chains in Local Labor Markets
The job-chains approach suggests an appropriate method for analyzing local labor market change. In the context of program-generated demand, job chains offer a convenient way of handling both the welfare and trickle-down impacts that are so often overlooked in economic development evaluations. To lay the groundwork for our approach, we provide a discussion of alternative methodologies for identifying chains in the next section. This discussion leads to a review of the adoption of the chains metaphor in a variety of research contexts.
Traditional cost–benefit analysis treats labor as a cost to be remunerated. However, assuming a closed economy with The Problem with Impact Analysis 25 full employment means that any labor market movement must immediately cause reverberations somewhere else. New incomes will thus displace old incomes; new output is at the expense of existing output in a tight system. The result is zero-sum economic development. This picture can be made more realistic by assuming an open economy (with full employment) as the framework for cost–benefit analysis.
For example, the economic benefits attributable to a new inner-city manufacturing plant will be greater the poorer the innercity residents are. Our work on evaluating business incentives (Persky, Felsenstein, and Wiewel 1997) provides one example of how to include such complementarities. This approach, while informed by a formal cost–benefit model, offers a hybrid method with estimates of both efficiency and income distribution effects. The model adjusts all employment to account for displaced employment, employment taken up by suburban commuters, and “deadweight” employment that would have occurred anyway.
Does "Trickle Down" Work?: Economic Development Strategies and Job Chains in Local Labor Markets by Joseph Persky