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05-16-07
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05-16-07
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Page 5.[11 Deleted Stanley Harpstead 4/24/2007 10:54 AM <br /> Economic Development Strategies in a New Economy <br /> Times have changed, and with them so has the underlying economic <br /> structure in which we all live. This new economy requires smart <br /> thinking by our leadership facilitated by new ways of solving problems <br /> and collaborations with sometimes unexpected partners. In the new <br /> economy, the ticket to faster and broader income growth is innovation. <br /> This economy puts a premium on what the Nobel laureate in <br /> economics Douglas North calls "adaptive efficiency," which refers to <br /> the ability of institutions to innovate, continuously learn, and <br /> productively change. As markets fragment, technology accelerates, <br /> and competition comes from unexpected places, learning, creativity, <br /> and adaptation have become the principal sources of competitive <br /> advantage in many industries. Enabling constant innovation needs to <br /> become the goal of all organizations committed to prospering. <br /> Similarly, the goal for metropolitan areas must be to foster innovation <br /> and adaptation - in infrastructure, in institutions both public and <br /> private, and on the part of individuals. <br /> These efforts need to be proactive and designed for the long term. <br /> Government, civic, and business leaders need to challenge all <br /> economic sectors and institutions, including their own institutions of <br /> government, to become cultures of innovation. The consequences for <br /> any community that does not respond to this challenge are low <br /> productivity, stagnant living standards, and reduced opportunity for its <br /> citizens. <br /> Innovation and change mean uncertainty and disruption. But it is <br /> becoming increasingly clear that dynamism is critical to growth. (You <br /> can't have upward mobility if no one is on the move.) The more <br />
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