Community Competition
One unintended consequence of economic development is the intense competition between communities, states, and nations for new economic development projects in today's globalized world. With the struggle to attract and retain business, competition is further intensified by the use of many variations of economic incentives to the potential business such as: tax incentives, investment capital, donated land, utility rate discounts, and many others. IEDC places significant attention on the various activities undertaken by economic development organizations to help them compete and sustain vibrant communities.
Additionally, the use of community profiling tools and database templates to measure community assets versus other communities is also an important aspect of economic development. Job creation, economic output, and increase in taxable basis are the most common measurement tools. When considering measurement, too much emphasis has been placed on economic developers for "not creating jobs." However, the reality is that economic developers do not typically create jobs, but facilitate the process for existing businesses and start-ups to do so. Therefore, the economic developer must make sure that there are sufficient economic development programs in place to assist the businesses achieve their goals. Those types of programs are usually policy-created and can be local, regional, statewide and national in nature.
Read more about this topic: Economic Development
Famous quotes containing the words community and/or competition:
“He thought that, because the community represents millions of people, therefore it must be millions of times more important than the individual, forgetting that the community is an abstraction from the many, and is not the many themselves.”
—D.H. (David Herbert)
“Mothers seem to be in subtle competition with teachers. There is always an underlying fear that teachers will do a better job than they have done with their child.... But mostly mothers feel that their areas of competence are very much similar to those of the teacher. In fact they feel they know their child better than anyone else and that the teacher doesn’t possess any special field of authority or expertise.”
—Sara Lawrence Lightfoot (20th century)