Authors: Bruce Frankel
Abstract:We present an alternate approach to local economic development based on [a] demand-side economics, and [b] the concept that the local economy is a place where people work, shop, live, play and learn. At the center is an emerging role of the host city’s university in offering extension service learning and in promoting beneficent entrepreneurship and directly generating jobs and income for the local economy. We apply the traditionally latent, yet now nascent, concept of exchanges, capital, wholesale, and retail, to “place-based” local economic development. Demonstrated is the promise of both concepts to the economic sustenance and sustainability of disinvested urban neighborhoods and dying rural towns.
Keywords: beneficent entrepreneurship, entrepreneurial university,local exchanges,place-based local economic development,sustainable economic development,local stock market