Berkay Sarı

Economics of Community

The Importance of the Economics of Community: How Local Economies Thrive The economics of community is a critical aspect of economic development that focuses on the role that social networks, relationships, and trust play in the economic success of a community. Strong social networks, high levels of civic engagement, and community-based institutions are critical components of building a resilient local economy. The importance of the economics of community is evidenced by the benefits it brings to local economies, such as increased trade, reduced transaction costs, improved innovation, and enhanced social and economic equity.