While the word local goes unregulated (as to how far away something truly is local) many people are willing to pay a premium price for locally-produced goods. But have you ever thought about why they are willing to pay more? This week, Bridget and Trey Malone (Agriculture, Food, and Resource Economics at Michigan State) talk about the social nature of local goods. It turns out, there is a reason why social media marketing on Facebook (and how many friends a retail business has) may really pay off for local products.
Episode 42 transcript