Abstract
This article, after examining the evidence for the conventional wisdom that development policies are ineffective, reports the results of an empirical analysis of the effects of local policies on manufacturing growth in U.S. cities. In response to design difficulties in previous studies, the effects of local economic development policy on manufacturing activity for 212 cities were estimated with a disequilibrium adjustment model. The results provide evidence that local policies have positive effects on capital investment but little effect on employment.
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