Month: August 2023

;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px”> I’d say Krugman’s idea goes for forgotten cities and suburbs as well. Place-based policies aren’t cheap. Just think of the billions spent by the Tennessee Valley Authority and the Appalachian Regional Commission over decades. And it’s easy to waste taxpayer money on projects that end up enriching developers but leaving the locals as poor as ever. (Try searching online for “enterprise zone” and “boondoggle.”) Also, it’s important not to confuse rationales and try to turn a downtrodden area into the next Silicon Valley.

But the effort is important. As new technologies such as electric vehicles and artificial intelligence arise, there’s fresh opportunity to spread the wealth. More geographic diversity in economic development can be good for everyone.