Economic Development Without Incentives

Can you imagine it! Many economic developers don't even want to think about it. Others think it would be the best thing that ever happened to economic development.

They're everywhere--even in places like Nevada, which say they don't have them. Like most heavy drinkers or smokers, the most aggressive users, including my home state Ohio, refuse to admit the extent of their problem.

I don't have a prediction to offer you today, only a wish. I wish that we would decide to play the game without incentives, especially the costly ones that rob public treasuries of hundreds of millions, and even billions of dollars every year.

Business executives, for the most part, don't want to let go of incentives either. Guess what? They make even bad investments look good. Like the communities and states that are heavy users, many companies are addicted to incentives. Let's look at General Motors, which is a prime example of a major corporation addicted to free money. How much has this free money helped GM? Obviously not much in looking at this sagging company, which is poised to dump another 25,000 people into the streets without jobs. Blame it on China or whatever foreign competitor you like. The truth is that GM helped turn China and other developing nations into world economic superpowers.

This is a rant. Actually, it's an old rant about why we need to reinvent economic develoment and focus our attention on things that REALLY matter--like entrepreneurship, increasing broad-based prosperity across society, and creating meaningful work for people.

Well, I'll end here for now. Thanks for listening.