WTA News: Economic Gardening Instead of Big Business Hunting

50 billion dollars; that is how much communities and states spend each year wooing businesses from outside their area, according to Dr. Glenda Humiston, USDA Rural Development State Director for California. Speaking at last week’s Western Telecom Alliance Convention, Humiston likened this jockeying for out-of-town businesses as a zero-sum game that has limited benefit in spurring local economic growth. Research from the Federal Reserve Bank of Minneapolis supports this idea that when cities, states and regions compete with subsidies, there are no winners.  Read more of this story…