This book offers insights into the process and the practice of local economic development. Bridging the gap between theory and practice, it demonstrates the relevance of theory to inform local strategic planning in the context of widespread disparities in regional economic performance.

The book summarizes the core theories of economic development, applies each theory to professional practice, and provides detailed commentary on them. This updated second edition  includes  more  recent  contributions—regional  innovation,  agglomeration,  and  dynamic theories—and presents the major ideas that inform economic development strategic planning, particularly in the United States and Canada. The text offers theoretical insights that  help  explain  why  some  regions  thrive  while  others  languish  and  why  metropolitan  economies often rise and fall over time. Without theory, economic developers can only do what is politically feasible. This book, however, provides them with a logical tool for thinking about  development  and  establishing  an  independent  basis  on  which  the  local  consensus  needed for evidence-based action undertaken in the public interest can be built.

Offering valuable perspectives on both the process and the practice of local and regional economic  development,  this  book  will  be  useful  for  both  current  and  future  economic  developers to think more profoundly and confidently about their local economy.