Tools used in traditional economic development

Tools used in traditional economic development

What types of tools are used in traditional economic development? How are these tools similar? How are they different? Who is involve d in the decision-making process with traditional and neighborhood economic development? Does the composition of the group of decision-makers make a difference?

What types of tools are used in traditional economic development?

Firstly, What types of tools are use d in traditional economic development?

Secondly, How are these tools similar?

Thirdly, How are they different?

Further,  Who is involve d in the decision-making process with traditional and neighborhood economic development?

Also, Does the composition of the group of decision-makers make a difference? (Hint: regime theory).

Additionally, What do we know about the outcomes of traditional economic development projects-who benefits?

Who doesn’t?

Moreover, What do we know about the outcomes of traditional economic development projects – who benefits?
Who doesn’t?

Finally,  What are some policy recommendations to overcome some of the shortcomings of traditional economic development?

More details;

Business retention, revolving loan funds, tax increment financing, tourism, bond issuance, PILOTs, tax abatement…

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?

APA 12 point double spaced – please be careful to cite all references.