Reference Summary - Essay Example

Reaction Paper September 20, Reading John Levy, “What Local Economic Developers Actually do?,” Journal of American Planning Association, 56 (1990): 153-157 Reference Summary. The above article espouses that enhancing the site and structure markets will improve current economic performance. The study focused on 320 economic development directors who were invited to take the survey. In addition, the local residents’ and entities’ unselfish efforts to give their best contributions to the economic significantly hasten the current economic wheel’s speed to optimum levels. The survey findings show that the managers’ drive to generate revenues precipitates to the economic wheel’s increasing speed, indicating managers prioritize selling over other economic activities. For example, an increase in revenues translates to the decline in the average unemployment rate. Next, the economic environment indicates an increase in the employment statistics translates to higher demand for houses, raising the average price of houses. Two take-aways. I have gained a firm inside on the economic principle of supply and demand. As the demand for the company’s products increase, the company can hire additional employees to fill the needs of the growing customers. As the employment increases, there is a corresponding increase in the demand for several goods and services. To supply the increasing demand, more news companies crop up. Further, my thoughts focus on the economic principle of supply and demand. To set up a business, I must first find a demand. Next, I will supply the products or services that will fill the customers’ requests. As the sales catapult to more profitable levels, I have to hire more workers to fill the increasing customers’ needs and wants. This is the essence of the economic supply and demand theory. A company that does not generate profits will be forced to close shop. Consequently, the retrenched employees will join the current long line of unemployment list. Reading 2: Shelley Kimelberg, “Inside the growth Machine: Real Estate Professionals on the Perceived Challenges of Urban Development Shelley McDonough Kimelberg , City & Community, 20 (2011): p 76-99 Reference Summary. The above article states that the growth machine framework proposes that the cooperative efforts of the elites significantly contribute implementation of policies and processes that contribute to the local community’s economic growth. The research focused on the real estate professionals. The findings include some constraints to full economic development. The constraints include reelection of the local politicians, municipal development officers’ economic priorities, government bureau red tape (hindrance-precipitating regulations), and community groups’ interests. The conclusions include the real estate professional’s observation that the four constraints contribute to the current snail –paced economic growth of the real estate market segment. Two take-aways. I gained new insights from the article. First, cooperation is an important ingredient in the economic development equation. The community needs the support of everyone in the community. The government leaders must prioritize the community’s economic welfare, instead of their own biased personal ambitions and gains. The community must prioritize the company’s welfare, instead of their own opposing aims. Likewise government officers must help reduce red tape. Consequently, the entire community’s economic miracle will crop up, based on the real estate respondents’ findings. Further, my thoughts focus on cooperation. Cooperation is also called social responsibility. As a member of the community, I must hold hands with other community members and entities as we strive to help the community reach its predestined economic prosperity. Cooperation oils the economic development wheel. Consequently, the community can hasten accomplishment of the community’s established gross domestic production goals and objectives. In addition, the other sectors of society should prioritize the community’s economic welfare by joining their hands together to ensure the community achieves its gross domestic production targets effective and efficiently. Reading 3. Mark Partridge, Dan Rickman, Hui Li, “Who Wins From Local Economic Development”, Economic Development Quarterly, 23 (2009): 12-27 Reference Summary. The above article states that effective local economic development centers on the beneficiaries of the economic process. The United States county employment statistics is composed of four major sectors. The sectors are net commuting, unemployment rate, labor force participation, and population figure. The findings include rural area residents better benefitting from the local economic development processes. Likewise, residents from central city communities generate lots of benefits from the local economic development programs. In addition, residents living in poor communities will benefit from the local government’s economic programs. Two take-aways. I have gained some insights regarding economic issues. The government plays an important role in alleviate the poor economic conditions of the community’s outcasts or unwanted residents, because of their poverty. The government can institute program that will increase employment. Increase employment increases the poor residents’ purchasing power. An increase in the purchasing power alleviates the community’s inflation situation. With more purchasing power, the power can now buy more necessities in life. Necessities include food, clothing, shelter, education, and other higher level needs. Further, my thoughts are affirmed by the author’s concept. The government is instrumental in uplifting the economic plight of the poor community residents. The government should prioritize controlling the inflation rate. Controlling the inflation rate includes generating more jobs for the residents. With more jobs, the poor residents can afford to buy previously unaffordable economic goods and services. Reading 4.Theories of Economic Development, Chapter 4. Reference Summary: The above book chapter states economic development influences the state and local economies of the United States’ communities. The government plays a vital role in enhancing current local growth. The government must introduce innovative economic programs to uplift the economic condition of the community. Regionalism significantly hastens or deters the state’s economic development agenda. Two take-aways. I gained several insights on the assigned reading. The government plays an important role on the economic plight of the residents. The government’s top down and bottom up principles explains the importance of government intervention to ensure accomplishment of the people’s desire to improve their current economic predicament. The poor needs free government services in terms of controlling the inflation rate, reducing unemployment rate, and increasing the residents’ purchasing power. The government’s regionalism must focus on prioritizing implementation of economic programs to improve the the local residents’ economic condition. The government should institute policies that will enhance the local economy’s growth, reducing interest rates and reducing prices of goods, increasing available jobs. Further, the author’s perspectives affirm my current economic understanding. The government cannot shy away from its corresponding responsibility to implement economic infrastructures that will enhance the community’s economic growth. Government regionalism includes implementing protectionism policies that are geared towards ensuring the local industries outsell the foreign countries’ competitors. In addition, the government must institute economic policies that encourage the residents to contribute to increasing the local economy wheel’s speed. The government must implement policies geared towards increasing local production, generating higher revenues, and profits. REFERENCES: John Levy, “What Local Economic Developers Actually do?” Journal of American Planning Association, 56 (1990): 153-157 Shelley Kimelberg, “Inside the growth Machine: Real Estate Professionals on the Perceived Challenges of Urban Development Shelley McDonough Kimelberg , City & Community, 20 (2011): p 76-99 Mark Partridge, Dan Rickman, Hui Li, “Who Wins From Local Economic Development”, Economic Development Quarterly, 23 (2009): 12-27 Theories of Economic Development, www.tld.com (accessed September 20, 2012) Read More