A New Approach to Local Economic Development
We have long pigeon-holed “economic development” at the local level to mean jobs and real estate development. Those are critical for a successful society. But economic development is much larger than that. Economic development includes environment, infrastructure, education, healthcare, childcare, jobs, industry, commerce, amenities, culture, arts, and safety management. Economic development is the primary and central role of government. If government exists to serve the interests of the governed, then good government would result in the individuals of that community getting better-off over time. Individual wealth allows facility, safety, self-sufficiency, inclusion, education, voice, justice, culture, and more. It is the Median Net Wealth of a community that measures its health. The number of jobs and dollars invested are important metrics, but they are subservient to the goal of each individual of a community becoming wealthier over time.