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While there is little doubt that economic development will always have a place in public policy and planning, and changes to its processes are likely to be incremental, the economic development of the next several decades will have decidedly different foci than in the past. Chief among these new areas of increased attention will be the relationship between economic development and the natural environment; the role of energy conservation and alternative energy sources; the need for increased collaboration between governments; the primacy of human and social capital over other forms of capital; and the role of entrepreneurship in local and state economies. All these activities will impact and be influenced by the interface between the U.S. and global economies.
Chapter 8 from Economic Development: Strategies for State and Local Practice, 2nd Edition, speculates about the future of economic development at the state and local level. It emphasizes the need for collaboration, global thinking, and human capital development to meet the contemporary challenges. Insights from the chapters and cases should be useful to public officials who wish to protect or strengthen their economic base.
Relationship between economic development and the natural environment
Role of energy conservation and alternative energy sources
Need for increased collaboration
Primacy of human and social capital over other forms of capital
Role of entrepreneurship in local and state economies.