Shuman and Local Economies in Forbes
April 3, 2013
Post Carbon Fellow Michael Shuman was quoted in this article on the importance of local economies in Forbes.
From the article:
Did you know that more than a dozen studies (see Civic Economics and New Economics Foundation) have shown that every dollar spent at a locally owned business generates two-to-four times the economic development impacts as a dollar spent on an equivalent non-local business?…
Michael Shuman, a well-known economist, author, attorney, and entrepreneur, estimates that less than one percent of Americans’ long-term savings in stocks, bonds, mutual funds, pension funds, and life insurance funds—totaling approximately $30 trillion—touch local small businesses, even though roughly half of the jobs and the output in the private economy come from them.