Traditional Strategies and Tools of Local Economic Development
All are examples of the core strategies and tools utilized every day by most economic developers. Sometimes controversial, oftentimes boringly commonplace, often misunderstood– and almost always in need of some explanation as to why they work and why economic developers use them.
In their day, they might have been sexy like clusters and innovation–but age and gravity has taken their toll. They are now pervasive. Like two aspirin, they work wonders but who cares anymore. We do!
The problem with our traditional strategies and tools is that people mess with them. In particular media, academics and sometimes the research institutes and think tanks. Often when they translate our strategies and tools into academic and policy research, the description and analysis of these strategies and tools gets distorted–sometimes downright manipulated. Does the expression, hatchet job come to your lips?
Our initial focus is tax abatement. These days, those are fighting words, but as the old-time economic developers know, tax abatement was never very popular and was always under attack. Take a gander at how academic research has dealt with tax abatement. Over the next few decades, the Curmudgeon will also take a look at eminent domain, use of universities as an economic development tool, and maybe economic development zones, and real estate-based economic development.
Don’t fret over Traditional Strategies and Tools of Local Economic Development.