Elm Street Economy

AAA

DEFINITION of 'Elm Street Economy'

The Elm Street economy is a contemporary economic movement that encourages self-sufficiency on a regional, city-wide or neighborhood-wide basis. The movement rejects globalization and promotes many alternative ideas instead, including renewable energy, decreasing personal consumption, and the use of alternative means of exchange, such as bartering.


The Elm Street economy postulates that an increasingly complex and globalized economy is inherently unstable, and that greater economic security and well-being can be achieved through eliminating economic dependence on others outside of a local community.

INVESTOPEDIA EXPLAINS 'Elm Street Economy'

The term Elm Street is derived as an alternative to the usual Main Street/Wall Street economic dichotomy. Elm Street is meant to symbolize an economy focused on the residential neighborhood as an economic unit. This is in contrast to Main Street, which (as used by Elm Street promoters) is meant to symbolize large corporate interests, and Wall Street which symbolizes global finance. It is unclear how prevalent the Elm Street economy is currently in use as a total system. Rather, the movement is perhaps best understood as a patchwork of the Green movement, urban homesteading, buy local initiatives and the new frugality movement.

RELATED TERMS
  1. Quality Of Life

    A highly subjective measure of happiness that is an important ...
  2. Voluntary Simplicity

    A lifestyle that minimizes consumption and the pursuit of wealth ...
  3. Downshifting

    The act of reducing one's standard of living for an improved ...
  4. Globalization

    The tendency of investment funds and businesses to move beyond ...
  5. Economy

    The large set of inter-related economic production and consumption ...
  6. Factor Market

    A marketplace for the services of a factor of production.
RELATED FAQS
  1. What is the difference between marginal utility and marginal value?

    Depending on the context, marginal utility and marginal value can describe the same thing. The key word for each is "marginal," ... Read Full Answer >>
  2. In economics, what is an index number?

    Economists often make comparisons between sets of data across time. For example, a macroeconomist might want to measure changes ... Read Full Answer >>
  3. What role does the agency problem play in the modern Health Care industry?

    Agency problems vary from health care system to health care system, and not all economists agree on the degree and desirability ... Read Full Answer >>
  4. What is the utility function and how is it calculated?

    In economics, utility function is an important concept that measures preferences over a set of goods and services. Utility ... Read Full Answer >>
  5. What role do transaction costs play in marginal utility analysis?

    The term "transaction costs" is much broader in economics than it is in general finance lingo. The traditional definition ... Read Full Answer >>
  6. Which is more important to a nation's economy, the balance of trade or the balance ...

    There is no question the composition of a country's balance of payments is more important than its balance of trade. This ... Read Full Answer >>
Related Articles
  1. Personal Finance

    What Is International Trade?

    Everyone's talking about globalization, so we explain what is it and why some oppose it.
  2. Economics

    Globalization: Progress Or Profiteering?

    Proponents of globalization argue that it helps the economies of developing nations and makes goods cheaper, while critics say that globalization reduces domestic jobs and exploits foreign workers. ...
  3. Mutual Funds & ETFs

    Change The World One Investment At A Time

    Socially responsible investing allows you to express your political views in an unlikely way.
  4. Home & Auto

    A Solar-Powered Home: Will It Pay Off?

    Outfitting your home with solar power can be a long-term investment, or just a step toward greener living.
  5. Economics

    What Does It Mean To Be Green?

    Green investing is the new buzz word for companies and investors. Find out what it means.
  6. Budgeting

    Downshift To Simplify Your Life

    Learn how to ditch the rat race with voluntary simple living.
  7. Personal Finance

    Building Green For Your House And Wallet

    The earth-smart money is on these environmentally friendly housing projects.
  8. Options & Futures

    The Biofuels Debate Heats Up

    Interest in these new energy sources is growing. Should you buy in?
  9. Economics

    What's a Centrally Planned Economy?

    A centrally planned economy is one where the government controls the country’s supply and demand of goods and services.
  10. Savings

    Inflation for Dummies

    Inflation may seem like a straightforward concept, but it is more complex than it appears. We examine its varieties and causes.

You May Also Like

Hot Definitions
  1. Topless Meeting

    A meeting in which participants are not allowed to use laptops. A topless meeting organizer can also ban the use of smartphones, ...
  2. Hedging Transaction

    A type of transaction that limits investment risk with the use of derivatives, such as options and futures contracts. Hedging ...
  3. Bogey

    A buzzword that refers to a benchmark used to evaluate a fund's performance. The benchmark is an index that reflects the ...
  4. Xetra

    An all-electronic trading system based in Frankfurt, Germany. Launched in 1997 and operated by the Deutsche Börse, the Xetra ...
  5. Nuncupative Will

    A verbal will that must have two witnesses and can only deal with the distribution of personal property. A nuncupative will ...
  6. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!