In this era of globalization, where the world is flat and everyone is a mouse click away, people have been buying closer and closer to home. People buy goods that are produced nearby in order to help their local community and reduce their carbon footprint. As we have mentioned in the past, we believe this belies a faulty understanding of economics.
An article in the Economist mentions this phenomenon as well. In particular, it mentions a Borders that was supposed to be built in Austin. The locals objected and the plans fell through, so a Whole foods opened in its place. This would make sense, since Whole foods was founded in Austin. However, since it is now a publicly traded company, it is extremely hard to argue that more of the proceeds are re-entering the local community. A good example of feel-good faulty economics.
