Laserfiche WebLink
As a result, the new goal for economic development, particularly in fully <br /> developed areas, should be to raise average per capita incomes through <br /> higher-wage jobs, while working to reduce poverty and expand opportunity • <br /> for economically disadvantaged residents, all the while boosting the region's <br /> quality of life. This does not mean that communities should oppose growth <br /> and erect regulations limiting it; it does mean that most areas should not <br /> continue to pursue job creation for its own sake. <br /> This is not to say that the strategy should remain fixed. If, unlikely as it is, <br /> productivity growth rates slow significantly in the next decade and <br /> unemployment increases, the appropriate goals and strategies might change. <br /> But for now and the foreseeable future, economic strategy should focus on <br /> raising incomes rather than simply attracting jobs. <br /> Beliefs About Economic Development in the Old and New Economies <br /> . . . - . <br /> people <br /> IT tire . . <br /> Being a cheap place to do business was the Being a place rich in ideas and talent is • <br /> key. the key. <br /> Attracting companies was the key. Attracting educated people is a key. <br /> A high-quality physical environmer:t was a Physical and cultural arylenities are key in <br /> luxury stood in the way of attracting cost- attracting knowledge workers_ <br /> conscious businesses. <br /> Regions won because they held a fixed Regions prosper if organizations and <br /> competitive advantage in some resource or individuals have the ability to learn and <br /> skill- adapt. <br /> Economic development was government- Only bold partnerships among business, <br /> led. government, and nonprofit sector can <br /> bring about change. <br /> A New Means: Get Better, Not Cheaper <br /> A new goal requires new means. In the old economy, places sought to get <br /> big by "getting cheap." In the New Economy, the key to success is to "get <br /> better." Policy makers used to believe that a low-cost environment was the <br /> key to success and that making investments to create a high-quality physical • <br /> Strategic Plan for Economic Development Page 17 of 20 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\AH Strategic Plan-Final 5-16-07_doc <br />