Does Local Economic Development Work?

Academic Mario Polèse argues that the history of local economic development is a "story of academic fads", that have "proven of little practical use."

Writing in City Journal, academic Mario Polèse calls local economic development strategy an "urban-development legend". He reviews the prevailing economic development strategies employed over the last century -- up to and including the prevailing "Creative Class" approach associated with Richard Florida -- and concludes that these "grand theories do little to revive cities," and often end up doing damage to the local economy the theory seeks to stimulate. More here.