Does buying local work? Dr. David Hebert from Ferris State University in Big Rapids shares how buying local strengthens our community in Michigan. In the second part of a nine part series Buy Local Michigan takes a deep dive into the economics of buying local.
Dr. Herbert talks about comparative advantage? According to Investopedia, “Comparative advantage is the ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
So does buying local work? We hear it all the time that buying locally strengthens our community and at the at a basic level, when you buy local more money stays in the community and binds everyone together.
One great example that I have seen is the Band of Locals in Big Rapids. Selling Blue Bands for $10 provides a lifetime of savings.
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For more from Dr. Hebert in this nine part series go to ‘The Meaning of Buying Local‘.
