In a review by John McClaughry, we learn that Shuman's book is unlikely to be perused by the likes of David Duggins.
The first thing to understand, Shuman says, is that the traditional “economic development” model of chasing after large companies with huge taxpayer subsidy deals is absolutely the wrong way to revitalize a crippled or stagnant local economy. Indeed, he says, “economic development today is creating almost no new jobs whatsoever." In support of that conclusion he methodically dissects and refutes the “eight myths of [conventional] economic development.”
There is another far more promising path. "A growing number of small, private businesses are … facilitating local planning and placemaking, nurturing local entrepreneurs, helping local consumers buy local and local investors finance local business. And most remarkably, by charging clients reasonable fees for their services, they are able to cover their costs ...
... For anyone still in thrall to showering subsidies on outside corporations in the name of “economic development,” “The Local Economy Solution” will be a game changer. Anyone eager to generate new economic life in their community or region will find this book to be a treasure chest of innovative ideas, invaluable experiences, and high motivation.
River Ridge is precisely this "economic development as usual," meaning that New Albany's single most hopeful economic development strategies in the years to come is localism. Jeff Gahan has had little to say abut economic development. Perhaps that's because he hasn't done any.
