Some localities have fared better than others in this respect, and their successes can provide us with actionable lessons. For instance, the Federal Reserve Bank of Boston undertook an in-depth study of 25 medium-sized cities nationwide that had experienced a post-industrial decline and identified 10 that experienced an economic resurgence.
An advantage is that it provides an opportunity to understand one’s own country in a more objective way. A disadvantage is that there are risks of becoming overly optimistic or overly pessimistic, depending on the economic situation at the time.