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Buy Local This Christmas Boost The Economy.

01 December 2016 BY Editor
"Buy Local" you see the decal in the shop window, the sign at the farmer's market, the bright, cheerful logos... The apparent message is "let's-support-local-business", a kind of community boosterism. Read full story
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Buy Local This Christmas Boost The Economy.

01 December 2016 Posted by: Editor
"Buy Local" you see the decal in the shop window, the sign at the farmer's market, the bright, cheerful logos... The apparent message is "let's-support-local-business", a kind of community boosterism. But buying close to home may be more than a feel-good, it's-worth-paying-more-for-local matter. A number of researchers and organizations are taking a closer look at how money flows, and what they're finding shows the profound economic impact of keeping money in town—and how the fate of many communities around the nation and the world increasingly depend on it.

At the most basic level, when you buy local more money stays in the community. The New Economics Foundation, an independent economic think tank based in London, compared what happens when people buy produce at a supermarket vs. a local farmer's market or community supported agriculture (CSA) program and found that twice the money stayed in the community when folks bought locally. "That means those purchases are twice as efficient in terms of keeping the local economy alive," says author and NEF researcher David Boyle.

The point is not that communities should suddenly seek to be self-sufficient in all ways, but rather "to shift the balance. Can you produce more locally? Of course you can if the raw materials are there, and the raw materials are often human beings. Another argument for buying local is that it enhances the "velocity" of money, or circulation speed, in the area. The idea is that if currency circulates more quickly, the money passes through more hands and more people have had the benefit of the money and what it has purchased for them. That means more goes into input costs—supplies and upkeep, printing, advertising, paying employees which puts that money right back in the community.

As the nation limps through the recession and we are all rushing around buying gifts for Christmas many towns and cities are hurting. "Buy-local" campaigns can help local economies withstand the downturn. For communities, this is a hopeful message in a recession because it's not about how much money you've got, but how much you can keep circulating without letting it leak out. If everyone's family spent €10 a week at a local farmer's market, butchers, beauty salon, book store, pharmacy etc etc that would be a great boom to the local economy. All of that money is going back to local community and that will be reinvested into this local economy. Before you make that purchase, ask yourself "could I buy a meaningful gift locally from a small business selling hand crafted jewelry, crafts, cakes etc etc." and if the answer is YES then why not invest in your local community?













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