#15 - Columnist: Shortsighted motorists learn the hard way

[jackbenimble106]

Here's my issue - this was mentioned before but I'd like to go into more detail.

In terms of size and economy, so what if the columnist's city is smaller? How would that weaken the argument? If by hiring an economic adviser NYC's economy grew by 15% in five years, couldn't hiring an economic advisor do the same for a town with a population of 750? Economy is economy, whether it's the economy of a city with millions of residents or the economy of a town with just a couple hundred.

You feel me?

[KelseyWoods]

Hi Jack!

So the definition of economy is the same whether it's a small town or a large city, but there are very significant differences in those economies. NYC has a wealthy economy with several diverse sectors--finance, entertainment, tourism, trade, health care, technology, real estate, etc. Compare that to a town of 750 with a poor economy that consists of two local restaurants and a dollar store. The small town already doesn't have many resources. If they devote some to an economic advisor, there might not be much the advisor can tell them that would be helpful because they don't have any other resources to invest in their economy and they don't have many options for attracting more business.

It might also help to think of it in terms of personal economies. A millionaire can hire a financial advisor to help them develop their assets and identify investment opportunities so that they can grow their wealth. But a person making minimum wage and living paycheck to paycheck isn't going to devote their limited resources to hiring a financial advisor because they don't have any extra resources or assets that the advisor can help them grow.

Hope this helps!

Best,
Kelsey

[jackbenimble106]

Thank you, Kelsey. That does help.