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Post-Cowboy Economics: Pay And Prosperity In The New American West
A great deal of reactionary political fire in the Mountain West has been aimed at environmental protection measures that are perceived to have destroyed or diminished the livelihoods of long-time residents. Conventional wisdom sees the economic woes afflicting the region -- declining pay, growing inequality, persistent poverty -- as a direct result of increasingly strict environmental regulations that have crippled natural resource industries such as mining and logging.In Post-Cowboy Economics , economists Thomas Michael Power and Richard Barrett provide a new interpretation of the economy of the Mountain West. Based on evidence from a wide variety of sources, including data on individual employment and income histories of more than 300,000 residents, they clearly demonstrate that the region's economic misfortunes are not the result of changes in regional industrial structure but rather are local manifestations of pervasive national and international trends. The discuss and critique entrenched conventional wisdom and its policy implications present an empirical analysis of changes in the region offer a new interpretation of events affecting the regional economy set forth public policies that will work to protect and enhance the economic well-being of its residents and communitiesThe authors' analysis and interpretation make a compelling case that despite incomes that are low compared to the rest of the country, the region is not suffering from general impoverishment, and that environmental protection, rather than threatening economic well-being, enhances welfare and protects the very source of the economic vitality that the Mountain West enjoys. Throughout, they argue that fearful, crisis driven environmental and economic development policies are unnecessary and inappropriate, and often counterproductive. Post-Cowboy Economics is an important work for professionals and scholars involved with environmental policy, economic development, and resource management, as well as anyone interested in the future of the American West."
225 pages, Paperback
First published July 1, 2001
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Displaying 1 - 2 of 2 reviews
August 8, 2015
The authors take a sharp needle to the over-inflated myth that the resource extraction industries (e.g., timber, mining, ranching) are the only ticket out of a downward trend in hourly pay in the region. Post-Cowboy Economics does the hard, analytical work that is required to get to the real root cause of why wages are generally lower in the Mountain West. To make its point, the authors focus on labor and demographic data over the years from 1978 to 1998.
What you learn from their research:
1. The contracting resource extraction industries in the Mountain West appear to have been driven by a pervasive national pattern in which jobs shifted from good production to services.
2. The decline in average pay was due to downward pressure on pay in almost all industries (i.e., the loss of "good" paying jobs).
3. The declines in pay during the 1980's were largely due to back-to-back national recessions. Although national in extent, the recessions hit the Mountain West hard.
4. During the 80's and 90's technological advances and globalization of the American economy emerged as forces that caused the demand for labor to move from workers with little education and few skills toward workers with greater education and skills. These forces were felt the most in rural communities.
The most interesting revelation for me came about when the authors compared wages to the population of the community. The data clearly shows the largest cities provide the best wages, and as you go down in population, the wages follow. This means that in comparing average pay in the Mountain West and the rest of the country, its important to consider where people live and work. Residents who live in the Mountain West typically live in smaller communities than other Americans. And this accounts for the gap in pay.
The authors devote some time on how to form public policy in light of this post-cowboy economy. And thankfully its not one that looks backward to the good old days of job creation based on resource exploitation.
What you learn from their research:
1. The contracting resource extraction industries in the Mountain West appear to have been driven by a pervasive national pattern in which jobs shifted from good production to services.
2. The decline in average pay was due to downward pressure on pay in almost all industries (i.e., the loss of "good" paying jobs).
3. The declines in pay during the 1980's were largely due to back-to-back national recessions. Although national in extent, the recessions hit the Mountain West hard.
4. During the 80's and 90's technological advances and globalization of the American economy emerged as forces that caused the demand for labor to move from workers with little education and few skills toward workers with greater education and skills. These forces were felt the most in rural communities.
The most interesting revelation for me came about when the authors compared wages to the population of the community. The data clearly shows the largest cities provide the best wages, and as you go down in population, the wages follow. This means that in comparing average pay in the Mountain West and the rest of the country, its important to consider where people live and work. Residents who live in the Mountain West typically live in smaller communities than other Americans. And this accounts for the gap in pay.
The authors devote some time on how to form public policy in light of this post-cowboy economy. And thankfully its not one that looks backward to the good old days of job creation based on resource exploitation.
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February 19, 2015My level of understanding of economics is somewhat unsophisticated and as such the best part of this book past right over my head. I love the premise though - meeting the arguments of the disenfranchised West with factual data, and putting the West into the overall national economic context.
No score just because I had to skim through much of it after the first two chapters, purely because it is very outdated (unfortunately) and again because of my level of econ smarts.
No score just because I had to skim through much of it after the first two chapters, purely because it is very outdated (unfortunately) and again because of my level of econ smarts.
Displaying 1 - 2 of 2 reviews