“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
An often-overlooked challenge is that it is difficult to keep pace with things that once moved predictably, creating revenue streams to sustain the government and fund our infrastructure. Income streams for governments, businesses and individuals may change drastically over the next few decades. For those given the great responsibility of community stewardship (civic, business, political and economic development leaders), it is a daunting time.
Alas, these things that overwhelm us can also be used to our advantage. We have a greater access to information and a greater ability to analyze and predict problems than ever before. The urge to act is strong, but we should take the time to use our ability to assess large data sets in order to see trends and understand what is predictable.
Does your community have a research agenda to address competitiveness and sustainability? It is important to consider that and many related questions:
It has never been more important to use technology and deep research capabilities. This creates a great opportunity for colleges and universities to engage with their communities, and it should challenge economic developers to engage advanced analytics firms to assess opportunities and risks, just as large businesses do today.
Columbus 2020 Update