Understanding Your Economy

Book excerpt: Forward-looking communities have attained a competitive edge by strengthening clusters of related and supporting industries, not courting individual firms. How will your community know which clusters to strengthen as it negotiates this fundamental shift in development strategy? This book shows you how to conduct local economic analysis to support such strategic planning decisions. You'll learn how to use basic economic analysis techniques to analyze changes in the local economy and evaluate the signifigance of these changes for economic development policy. They show how to structure an analysis; assess local economic performance; analyze the structure and dynamics of a local economy; evaluate local growth prospects; assess local human resources; evaluate nonlabor resources; and link analysis to strategic planning. Understanding Your Economy also includes a summary of data series and sources that will trim hours from your search for information necessary to conduct your analysis. Understanding Your Economy does not assume an extensive background in statistics or data management. It can serve as a stand-alone manual for anyone who wants to learn more about the functions and dynamics of an area's economy. It's also designed to serve as a text for a two-day seminar. It suggests a format for presenting the materials--and includes chapter summaries of key concepts as well as a guide to supplemental resources that will help instructors develop a successful workshop. Must-reading for all planners dealing with economic development. It is also an appropriate text for undergraduate, graduate, and professional courses in economics, public policy, and urban planning.