In a recession, the economic development focus in Minnesota for the most part shifts away from expansion to retention and survival. The question for state government in the here-and-now is how best to help businesses and workers adjust and weather the storm. Needless to say, Minnesota must continue its commitment to smart, long-term economic development approaches. But during an economic downturn, constructive economic development strategies include business assistance programs, help for workers who lose their jobs, encouragement for entrepreneurs, and good use of the federal stimulus funding. Read More
The State of Minnesota needs to take smart approaches to economic development as it looks to improve the long-term outlook. State and local economic development efforts work best when they fit the role for government action, and when they build upon regional potentials and strengths to increase economic growth and prosperity. Read More
Properly structured, economic development efforts by state and local governments can have a positive – albeit incremental – impact on growth. Real impacts may be hard to separate from the perception of impact. And while the perception of impact is often an adequate measure of success from a political standpoint, the economic framework demands more. Read More
The smart economic development approaches flow from important, guiding principles for public sector involvement in Minnesota’s economy. Minnesota must formulate and carry out its economic development efforts in ways that make sense for state government and that recognize the dynamics for economic growth. Read More
Minnesota’s economic development and growth rely upon the independent actions of many players, the overwhelming majority of whom operate in the private sector. But public sector decisions and activity significantly influence the economic environment of a region when it comes to education, infrastructure investment and upkeep, taxes and regulations, zoning and land use, and the provision of public services. Governments also take economic development actions to assist industries and workers. There are solid reasons for public sector involvement in economic development, including legitimate concerns about positive and negative spillovers, failures in the information marketplace, existing but underused public infrastructure and private resources, the social impacts of growth and development, and the political impacts of economic stagnation or decline. Read More
In order to affect the economy, Minnesota’s economic development efforts must take aim at the drivers of regional economic growth. Ideas and theories about growth provide an important framework for economic development policies, one that should shape strategies for government action. Minnesota’s policymakers and economic development officials can use ideas about what creates growth as a reality check to assess the potential for specific economic development initiatives. Read More
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