Boston Federal Reserve officials have a pretty good idea what helped the ailing ...
BOSTON - Boston Federal Reserve officials have a pretty good idea what helped the ailing industrial town of Lawrence, Massachusetts, start to make a turnaround, including a state takeover of the public school system and a focused effort to lift job options for working parents.
That’s the dilemma economists have begun wrestling with as they debate whether “place based” economic strategies, often seen as a path to pork barrel spending under the good intent of creating local jobs, may now be the only way to reverse the separation of the country into areas that are doing well and those that are treading water or slipping behind.
“Not every community has social cohesion. Not every community has a good leader,” Rosengren said as he outlined the qualities the Boston Fed used in a competition to select towns for economic development grants, one of which helped Lawrence move 200 working parents into new or better jobs, and set up a system for more to follow.It is not a new idea that geography shapes a country’s economy. Natural features such as rivers and the Great Lakes helped the U.S.
“There is a plausible view that in the long run all local low skilled employment will be in services,” said Edward Glaeser, a Harvard University economics professor. New technologies such as ridesharing platforms “will be able to generate jobs for less skilled people in Boston. What are they going to do in eastern Tennessee? That seems the central question...for American employment policy in the 21st century.
One proposal for the federal government to fund research and development hubs in dozens of mid-size cities might help places with an existing core of college graduates. It may not help those with a less educated workforce, typically the worst off.
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