Market Principles

“Obey the principles without being bound by them.”
-Bruce Lee

This past week has served as a reminder of the power of market principles. The uncertainty brought on by the rapid market correction and the public fears that follow has rocked a lot of plans. Yet, a few things still hold true.

First, the market will ultimately punish things that are over-valued or inflated. Second, those things are truly valuable will win out and prosper, if only modestly. Third, there is power in a long term strategy and perspective.

As economic developers, we should continue to focus on our principles:

1. Taking good care of the companies and employers in our region.
2. Continuing work to diversify our economic and tax base through the pursuit of competitive policies and actions.
3. Supporting entrepreneurs and innovation to create organic growth in our markets.
4. Doing the work to prepare for the future (both in place-making and clear policies).
5. Engaging the global economy (this week has further proved how integrated we are around the world).
6. Continuing to market our regions, tell the stories beyond the headlines, and celebrate small victories.

Let’s not dismiss the headlines, but let’s work hard to think long-term and to continue to practice the fundamentals of economic development and business in the days to come.

-Kenny McDonald