Economy
The economy of Ballarat is driven by all three economic sectors, though contemporary Ballarat has emerged as a primarily service economy with its main industry being the service industry and its key areas of business including tourism, hospitality, retail, professional services, government administration and education. Secondary industry including manufacturing, which had grown in the 20th century remains an important sector. The city's historic primary industry roots including mining and agriculture continue to play a role, though one that has declined since the 20th century. Industries emerging this century include information technology service sector and renewable energy.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)