As you've learned, "third places," are the spaces people gather outside of home (first place) and school/work (second place) for community, fellowship, the exchange of ideas and much more. Your favorite coffee shop, bookstore, park or gym are all third places. Sociologists have studied the sociological impacts these places have on people and society at large, since the term third places," was coined by sociologist Ray Oldenburg in 1989.

In this video, Professor and Chair of the Department of Finance and Economics at Texas State University's McCoy College of Business, Haiyong Liu, breaks down the economical impacts of third places. Liu says third places contribute to a community's economy by inducing "some sort of dollar infusion into the local economy." He also says these spaces can increase productivity and creativity in the labor force. Check out the video to learn more about how your favorite third place supports the economy of your community.