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In the new economy, people believe <br /> In the old economy, people believed that: <br /> Being a cheap place to do business was the Being a place rich in ideas and talent is the <br /> key. key. <br /> Attracting companies was the key. Attracting educated people is a key. <br /> A high-quality physical environment was a Physical and cultural amenities 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 <br /> get big by "getting cheap." In the New Economy, the key to success is <br /> to "get better." Policy makers used to believe that a low-cost <br /> environment was the key to success and that making investments to <br /> create a high-quality physical environment just raised costs and drove <br /> away business. That's why communities focused on physical <br /> infrastructure, below market-rate financing and tax holidays for big <br /> industrial and commercial projects, and marketing and incentives to <br /> attract industry. The result was often low-wage jobs and companies <br /> that were just as likely to leave after a decade for even cheaper <br /> pastures. <br /> In the New Economy, the path to raising wages and quality of life is in <br /> ensuring a technologically advanced infrastructure, boosting the skills <br />