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The Failures of Economic Development Incentives
Abstract
Amidst the continuing controversy over American economic development incentives, this article looks at three key effectiveness issues: Do economic development incentives encourage new investment and employment? Are these incentives targeted at economically depressed areas or economically depressed people? How costly are these incentives? For all these questions, our findings come out against traditional economic development incentives. We suggest that there is a need for a radical transformation of economic development policy in the U.S.
... In fact, Wisconsin is one of many states to offer targeted economic development subsidies to bring foreign and domestic tech companies to the state in the hope of "creating jobs." Despite how common these deals are, research has shown that they tend to underperform, and do not bring about regional growth in either tech or manufacturing industries (see Mitchell et al., 2020;Peters and Fisher 2004). ...
Battleground models Wisconsin’s contentious political communication ecology: the way that politics, social life, and communication intersect and create conditions of polarization and democratic decline. Drawing from ten years of interviews, news and social media content, and statewide surveys, we combine qualitative and computational analysis with time-series and multilevel modeling to study this hybrid communication system – an approach that yields unique insights into nationalization, social structure, conventional discourses, and the lifeworld. We explore these concepts through case studies of immigration, healthcare, and economic development, concluding that despite nationalization, distinct state-level effects vary by issue as partisan actors exert their discursive power.
... Development activities in local governments reflect practices aiming to attract businesses by creating a better environment in which businesses can flourish or generating positive economic returns through improvements in the housing stock and infrastructure. While the efficacy of using tax incentives to pursue businesses remains questionable (Bartik, 1991;Peters & Fisher, 2004), the political popularity of pro-growth local government actions sustains this practice (Jensen & Malesky, 2018). Further, strategically created shared infrastructure can help support the development of agglomeration economies-a geographic concentration of businesses from the same industry and supporting industries that co-locate to gain competitive advantages-to drive local economic growth and improve property values (Porter, 1996). ...
Local governments make important public service decisions based on a critical assumption from urban political economy scholarship that development activities lead to economic growth, while redistributive activities do not. Using the Community Development Block Grant (CDBG) program, we test this local expenditure assumption by exploring the differential effectiveness of CDBG activities on individual and neighboring residential and commercial property values. To this end, we challenge the notion that development policies frequently improve economic returns while redistributive policies do not. We analyze the economic impact of 16 different CDBG activities on more than seven million properties between 2004 and 2017 in Dallas County, Texas. We find strong evidence that, contrary to conventional wisdom, redistributive policies can yield positive economic returns while development expenditures have mixed results. These findings have important implications for local governments seeking to grow their economy equitably.
... Having said that, SAG's concession has, among others, the objective of promoting business investments and generating jobs, producing greater local demand for goods and services (Peters & Fisher, 2004). To Taveira (2009), SAG seeks to increase operations, attract investments to certain underdeveloped regions and finance the promotion of public interest activities. ...
The study aims to explore the differences in the disclosure of Government Grants and Assistance (SAG) in publicly traded Brazilian companies. The sample consists of 353 publicly traded companies listed on Brasil, Bolsa and Balcão (B3) between 2017 and 2019. The data were obtained by analyzing the content of the explanatory notes referring to the Standardized Financial Statements (DFP) available on the company's website. B3 S/A, verifying the information related to SAG, as stated in the Accounting Pronouncements Committees (CPC), CPC 07 (2008) and CPC 07 R1 (2010). To achieve the objectives of the study, an independent t-mean comparison test and analysis of variance were performed. The results showed that the SAG are mostly of State (39.8%) and Federal (38.6%) origin and the most representative SAG is granted to companies through tax incentives (54.1%). The results of the statistical tests show that the level of SAG disclosure does not differ according to corporate governance and the period. On the other hand, the results show that unregulated companies present higher levels of SAG disclosure and that the oil, gas and biofuels and health sectors presented, respectively, the highest and lowest levels of SAG disclosure. The study seeks to contribute to the literature by evidencing the existence of differences, or not, in the level of disclosure of SAG based on company characteristics, such as the level of corporate governance, regulation, the sample period and the sector of activity.
Crime is not the only thing that radiates; in many circumstances, place managers can radiate safety. That is the subject of this chapter. We begin by clarifying and expanding upon Jane Jacobs’ misunderstood ideas of eyes on the street and constant succession of eyes. We then show how place managers expand safety from their places: they operate a safe place; they operate multiple places; they work with other place managers; and they coordinate with other institutions, private and public. If place managers can radiate safety, then the answer to why some neighborhoods have more crime than other areas may have to do with how place managers behave within neighborhoods rather than how well residents get along.KeywordsBusiness Improvement Districts (BIDs)Constant succession of eyesEyes on the streetJane JacobsMixed land useRadiation of safety
O estudo tem como objetivo explorar as diferenças do disclosure de Subvenção e Assistência Governamentais (SAG) nas empresas brasileiras de capital aberto. A amostra é composta por 353 empresas de capital aberto listadas na Brasil, Bolsa e Balcão (B3) entre 2017 e 2019. Os dados foram obtidos por meio da análise do conteúdo das notas explicativas referentes às Demonstrações Financeiras Padronizadas (DFP) disponíveis no site da B3 S/A, verificando as informações relativas às SAG, conforme enunciado nos Comitês de Pronunciamentos Contábeis (CPC), CPC 07 (2008) e CPC 07 R1 (2010). Para a realização dos objetivos do estudo, procedeu-se ao teste de comparação de médias t independente e análise de variância. Os resultados evidenciaram que as SAG têm, em sua maioria, origem Estadual (39,8%) e Federal (38,6%) e a SAG mais representativa é concedida para as empresas através de incentivos fiscais (54,1%). Os resultados dos testes estatísticos mostram que o nível de disclosure de SAG não difere a partir da governança corporativa e do período. Por outro lado, os resultados mostram que as empresas não reguladas apresentam maiores níveis de disclosure de SAG e que os setores de petróleo, gás e biocombustíveis e de saúde apresentaram, respectivamente, o maior e o menor nível de disclosure de SAG. O estudo busca contribuir para a literatura por evidenciar a existência de diferenças, ou não, do nível de disclosure de SAG a partir de características das empresas, como o nível de governança corporativa, a regulação, o período amostral e o setor de atuação.
In December 2017, the U.S. Congress passed into law the Opportunity Zone (OZ) program. As an opportunity zone, designated low‐income census tracts provide considerable tax breaks to property investors, intending to attract investments and spur economic growth. As the success of the program is dependent on investors' responses, we analyze market reactions in a difference‐in‐differences framework. We identify two potential effects on property markets: tax breaks for investors and expected land value appreciation. Our results show tax breaks are priced efficiently. Qualified properties increase by 7% – 20% in price, while vacant land increase up to 37%. In contrast, we find limited signs of expected land value appreciation. This article is protected by copyright. All rights reserved
O estudo tem como objetivo explorar as diferenças do disclosure de Subvenção e Assistência Governamentais (SAG) nas empresas brasileiras de capital aberto. A amostra é composta por 353 empresas de capital aberto listadas na Brasil, Bolsa e Balcão (B3) entre 2017 e 2019. Os dados foram obtidos por meio da análise do conteúdo das notas explicativas referentes às Demonstrações Financeiras Padronizadas (DFP) disponíveis no site da B3 S/A, verificando as informações relativas às SAG, conforme enunciado nos Comitês de Pronunciamentos Contábeis (CPC), CPC 07 (2008) e CPC 07 R1 (2010). Para a realização dos objetivos do estudo, procedeu-se ao teste de comparação de médias t independente e análise de variância. Os resultados evidenciaram que as SAG têm, em sua maioria, origem Estadual (39,8%) e Federal (38,6%) e a SAG mais representativa é concedida para as empresas através de incentivos fiscais (54,1%). Os resultados dos testes estatísticos mostram que o nível de disclosure de SAG não difere a partir da governança corporativa e do período. Por outro lado, os resultados mostram que as empresas não reguladas apresentam maiores níveis de disclosure de SAG e que os setores de petróleo, gás e biocombustíveis e de saúde apresentaram, respectivamente, o maior e o menor nível de disclosure de SAG. O estudo busca contribuir para a literatura por evidenciar a existência de diferenças, ou não, do nível de disclosure de SAG a partir de características das empresas, como o nível de governança corporativa, a regulação, o período amostral e o setor de atuação.
Regional economic development research must engage with empirical questions and policy evaluations and America's underlying anti-urban bias, which shapes American cities and policy. Standard mathematical microeconomic-founded models are a limited guide to analysis and interpretation; empirical work should consider other disciplines in addition to diverse economic perspectives. Underlying structural factors may be difficult to analyze but need attention, including federal and state hostility to cities, fragmented metropolitan forms that maldistribute urban economic output, and structural racism's impact on economies, housing, and labor markets. Doing strong empirical work while de-emphasizing theory building seems the best way to proceed.
Since the late 1970s, all 50 states of the USA have undertaken new measures to strengthen their economies. The economic environment in which they have found themselves is more complex than before and results from both domestic and foreign economic pressures. This book studies a number of states with differing economies, examines the changing state roles, places their roles in historical perspective, and considers the implications for economic policy in the future. Four states are studied comprehensively: Massachusetts, Michigan, Tennessee and California. Three other states are considered in shorter sections: Indiana, Arizona and Minnesota.
Briefly reviews changes in industrial location, in connection with the life cycle of cities. - from Urban Abstracts
