So how should cities measure success? Typically, city success is characterized by periods of sustained growth, whether that growth is in population or employment. Booming local economies bring businesses to an area, and those businesses bring more people to a region who can then contribute to the same economy. The idea seems simple, but not every city is going to have a booming economy. So what can struggling cities do to turn things around and grow their economy?

Figuring out how to attract new residents and businesses is something cities of all sizes across the country struggle with. Aaron Renn, of the Manhattan Institute, argued that cities should take steps to harness their unique characteristics and build a more desirable brand. Gary Ritter, of St. Louis University, explained that quality schools are essential to the recruitment of businesses and their employee’s families, but also help adequately train the workforce for the emerging jobs in that city’s economy. Howard Wall, of the Hammond Institute at Lindenwood University, asserted that rapid population growth for cities over an extended period of time is rare and quite difficult, and that perhaps St. Louis’s success has been hampered by its previous growth.   

Eileen Norcross, of the Mercatus Center at George Mason University, discussed some of her research surrounding the rise and fall of historically successful cities. She found ultimate success for older cities was tied to how it responded to the decline of the local manufacturing sector.  Despite her assertion that regulatory and institutional environments are more important for prospective businesses, many of these cities spent incredible sums of tax payer dollars to lure businesses without otherwise addressing the business environment. In the end, those moves hurt the city’s long-term financial health without providing the desired opportunity for future economic growth.

While there doesn’t appear to be a silver bullet for city success, the seminar provided a variety of ideas for research and reform, including occupational licensing, regulatory changes, and tax policy.

The post Is St. Louis Successful? appeared first on Show-Me Institute.

If you’re debating whether you should apply, take a look at some of the highlights that Caitlin Hartsell, our Koch Fellow from 2009, produced during her time working here for the eight-week program (and later, as a Show-Me Institute research assistant):

• Op-ed: What Does the State Income Tax Cost Missourians?
• Report: NorthSide Project Passes Board of Aldermen
• Op-ed: Filling the Cavities in Missouri’s Dental Care
• Op-ed: Well-Intentioned Autism Bill Also Carries Negative Consequences
• Speech: A Panel on the Best and Worst of the 2010 Legislative Session
• Video Production: Show-Me Institute Free-Market Field Trip No. 3: Ticket Scalping
• Show-Me Daily: 92 blog entries

Here are more highlights from our 2008 Koch Fellow, Matt Simpson:

• Op-ed: Flood Relief Establishes Perverse Incentives
• Missourinet interview: Controversial proposal would deny government aid to flood victims
• Post-Dispatch blog citation: The flip side of flood aid
• Show-Me Daily: 30 blog entries
• Show-Me Quarterly: Front cover photo

This just scratches the surface of all the research that they, and our other interns, helped out with behind the scenes.

So, once again, if you’d like to have the chance to dive into Missouri public policy this summer, be sure to apply to be a Charles G. Koch Summer Fellow. After the Jan. 31 deadline, it may be too late.

The post Students: Apply to Work at the Show-Me Institute This Summer! appeared first on Show-Me Institute.

For the other eight weeks of the program, I interned at at the Show-Me Institute in St. Louis. As a state-based organization, the Show-Me Institute gave me more opportunities to research and write about policy issues than I would have had at a larger national organization. There were also weekly deadlines for the KSFP program, writing op-eds and letters to the editor, and watching online lectures.

And why should you care about my summer internship experience?

The Koch Summer Fellowship Program (run through the Institute for Humane Studies) is accepting applicants for next summer! Any college or graduate student interested in free-market public policy (whether at the federal or state level) should apply. (Make sure to specify the Show-Me Institute as a preferred destination on your application!)

This 2010 program lasts from June 5, 2010, to August 13, 2010. As a state-based fellow, you receive:

A $1,500 stipend for the duration of the fellowship

Travel allowance to and from D.C. (for both of the week-long seminars)

Housing allowance

The deadline for applications is January 31, 2010, and admissions are rolling. APPLY TODAY!

The post Paid Internship Opportunity for the Summer! appeared first on Show-Me Institute.

We’re not yet sure whether we’ll be holding our regular summer internship program this year; it all depends on how many summer fellow applicants we accept. So, if you’d like to work with the Show-Me Institute this summer, the summer fellow program is your best bet for now.

If you’re debating whether you should apply, take a look at some of the highlights that Matt Simpson, our Koch Fellow from last summer, had from his time working here:

• Op-ed: Flood Relief Establishes Perverse Incentives
• Missourinet interview: Controversial proposal would deny government aid to flood victims
• Post-Dispatch blog citation: The flip side of flood aid
• Show-Me Daily: 30 blog entries
• Show-Me Quarterly: Front cover photo

Not bad for an eight-week internship here, eh? And that just scratches the surface of all the research that he, and our other interns, helped out with behind the scenes.

So, once again, if you’d like to have the chance to dive into Missouri public policy this summer, be sure to apply to be a Charles G. Koch Summer Fellow. After Saturday, it may be too late.

The post Last Call for Summer Fellows! appeared first on Show-Me Institute.

This lesson is further validated by economist Henry Hazlitt, who believed that many of the economic fallacies in the world today stem from one or two issues: Looking only at the immediate consequences of an act or proposal, or looking at the consequences only for a particular group — to the neglect of others.

Today’s economic lesson is about the St. Louis Board of Aldermen and its proposal to limit payday loan stores in the area, as reported by the Post-Dispatch. Payday loans are short-term loans that are intended to cover borrowers’ expenses until their next pay period. According to many consumer advocate groups, payday loan stores are predatory — they prey on uninformed consumers and dish out loans with a vague screening process, making it easy for any Joe Six Pack to take out a loan.

Personally, I can’t stand them. Payday loan stores can take people who are already in an economic hole and turn their situations into economic craters. In spite of this, the stores represent a last resort for people who operate with little or no economic safety net. Let’s not forget, there is a market out there that really can take advantage of payday loans. Eliminating stores removes market competition, so that stores still operating end up offering even less favorable terms, or more restrictive screening. This would put those consumers in an even bigger bind. In the Post-Dispatch article, Tom Linafelt, a spokesman for Quik Cash, even stated, “Laws to restrict the opening of new stores actually help companies like his because they lessen competition.” Unfortunately, this guy is right.

Justin Hauke, a former Show-Me Institute policy analyst, wrote a piece on this topic back in 2007. Rather than pass new regulation, legislatures should get to the root of the financial problems surrounding payday loans, by encouraging programs that increase financial literacy (preferably in high school) or that seek alternative sources of short-term financing — such as lines of credit, or credit unions. No matter what, Economics 101 teaches us that we should look past the immediate consequences of an act, or the consequences for a particular group, so that we don’t neglect others.

Way to go, class. You earned your sticker for today.

The post Economics 101 appeared first on Show-Me Institute.