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'Place Prosperity vs People Prosperity' Revisited: An Old Issue with a New Angle

Department of Economics, Williams College, Fernald House, Williamstown, MA 01267, USA

'Place prosperity vs people prosperity' is a familiar shorthand expression of various issues in designing national policies to assist persons and places that are economically depressed. The paper reviews some traditional issues, including those introduced by Louis Winnick, who coined the phrase in the title, and also introduces some new ones. It suggests that 'sense of place' is relevant to the policy debate, because sense of place is a factor in regional and local identity and is an important form of intangible capital that has positive externalities. The paper relies on principles of benefit-cost analysis, and it notes that a concern for the sense of place is consistent with some recent developments in economic theory, namely in the theory of household production and theories of 'fairness' and community values. It also includes an appreciation of the work of Ben Chinitz, whose emphasis on 'supply' in regional analysis is consistent with a respect for the sense of place and is also relevant to a discussion of 'place prosperity vs people prosperity'.

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