Treadmill Talk #1 - Strategy + Flexibility = Optimal Results: The Winning Formula for Economic Developers
So, I walk and work every morning on the treadmill for half an hour to an hour. Some treadmill thoughts this morning from Planet Fitness: Economic development is both an influencer of and influenced by the macroeconomic context. Early stage economic development, pre-sixties, saw many arguments that local economic development only had marginal impact, because development was by and large influenced nearly completely by macroeconomic conditions. As the field grew, this stance was modified by many researchers to a more yin-yang perspective. The reality is all economics are based on human behavior. As a local developer, along with the network of actors, i.e., policy makers, communities, businesses, and so forth, you can have a significant impact on the local economy. Decisions on economic development strategy and the policy environment can position local communities to be competitive over the long run, or stagnate within a given macroeconomic context.
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Because economies are ever-evolving, the role of a good economic developer is similar to an archer shooting at a moving target. You have to anticipate the wind, distance, movement of the target, and the strength of your bow and design of your arrows. In this scenario, you are navigating strategically the stakeholder environment, policy environment, and the macroeconomic shifts that are occurring. In short, economic developers that do not use flexible strategies, continue to work to improve their craft, and engage in a large stakeholder network for input, collaboration, and development are likely to have less than optimal results for their communities. Change is inevitable; just look at what AI is and will continue to do in the global economy. The pace of change has only grown faster since the 1980s. As such, it is incumbent on us as developers to meet the demands of change head-on. We must never forget that what we do is one of the most important jobs in a community, as we are one of the actors that are directly responsible for improving the quality of life for the people in our community.
Dell