Reinvigorating Springfield’s Economy: Lessons from Resurgent Cities

As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper analyzes the economic development approaches of other mid-sized manufacturing-oriented cities during the past half century. From among a comparison group of 25 municipalities that were similar to Springfield in 1960, the study identifies 10 'resurgent cities' that have made substantial progress in improving living standards for their residents, and that are recognized as vital communities in a broader sense by experts on urban economic development and policy. These case studies suggest that industry mix, demographic composition, and geographic position are not the key factors distinguishing the resurgent cities from Springfield. Instead, the most important lessons from the resurgent cities concern leadership and collaboration. Initial leadership in these cities came from a variety of key institutions and individuals. In some cases, the turnaround started with efforts on the part of the public sector, while in other cases nongovernmental institutions or private developers were at the forefront. Regardless of who initiated the turnaround, economic redevelopment efforts spanned decades and involved collaborations among numerous organizations and sectors

Syposium comment: Improving economic development strategies

There is an old bromide, often associated with former Speaker of the House Tip O'Neill, that says “all politics is local.” The papers under review here implicitly raise the question of whether all (or at least a good portion) of economic development is local, and what sort of strategies state and local governments should pursue in fostering healthy economic development.

Keeping promises while keeping score: Gauging the impacts of policy proposals on racial equity

This policy brief from the Brookings Institution and the Institute on Race, Power, and Political Economy at The New School examines the impacts of policy proposals enacted in the wake of the 2020 murder of George Floyd and the subesequent protests against systemic racism. Specifically, it looks at what progress has been made by these proposals to increase racial equity.

The Future of Heterodox Economics

We assess economics research and teaching frameworks in the United States by examining how knowledge is produced and ranked, the flaws and strengths of heterodox economic theory; and how students are trained, especially for careers in economic policy. We challenge the meaning of established terminology such as 'heterodoxy' and 'mainstream' by investigating their utility as a marker and to illuminate major barriers to the successful adoption of alternative economic theories in academia and the public discourse. Based on interviews with experienced economists working with heterodox paradigms in both mainstream and heterodox institutions, we identify three barriers 1) Neoclassical hegemony, 2) Weakness of heterodox theory, and 3) Pedagogy and training in economics