State and local policymakers typically have three targets for their economic development policies: outside businesses, existing businesses, and new start-up businesses. Attracting outside businesses especially large manufacturing plants has long been a popular economic development activity, but increasingly this approach has come under fire. As policymakers reexamine the effectiveness and appropriateness of economic development policy, an understanding of how resources are currently allocated among the three main targets is essential.
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Article provided by Federal Reserve Bank of Kansas City in its journal Regional Economic Digest.