ED 100 Lecture 21

ED 100 Lecture 21 - ED 100 Lecture 21 Fiscal Crisis took...

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ED 100 Lecture 21 Fiscal Crisis - took place cities/ economic changes/ industry was abandoned city after city Roger & Me - GM not responsible for Flint/ Marxist individual/ if GM does not close will be less competitive/ may be worse - Corporations are footloose - Crime rose - people moved from Rust Belt to Sun Belt/ lack of jobs in ghetto is the major industry moved away - product cycle theory = firms go through 3 phases/ start small with little capital, not clear about products or how to make them new firms experiment/ have to develop a market/ start ups require skilled labor incubation two kinds of support: economies of urbanization/ law firms – cannot have services inside/ economic of agglomeration/ locate around similar firms so there will be a mechanic present and the firm will just have to pay for the service rendered/ successful company grows - best production process is achieved/ internalizing firms and services/ less skilled laborers increase number of steps to use cheaper labor/ need to be in
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