The field of economics can be divided into two camps: positive and normative. Positive economics focuses solely on the objective: what is, and nothing more. Normative economics introduces subjectivity: why are the numbers what they are and what can be done about them.
For reasons that should be apparent, it is much safer to stick to positive economics and dryly report numbers that are publically available and can be found through a variety of sources. For the past month, that has been the focus of this column.
Normative economics is much more precarious because it is easy to disagree with another’s understanding or interpretation of the data. Personally, though, I can think of few situations where I would rather have someone just telling me the condition I am in and not telling me what they think can be done to help it. With that in mind, and building from the past four weeks of numbers, here are four thoughts for helping to turn future numbers more favorable.
First, create a definition of “economic development” and then stay true to it. Approximately $1 million is raised each and every year for economic development through the food and beverage tax. We are one of a very few counties that collect this optional tax and if it were directed to what most would consider economic development instead of trail markers and facade repairs, think of the dent it could make. Calling other things economic development does not make them so and if it doesn’t lead to economic development, it needs to be called something else.
Second, start a massive retraining program: it does no good to bring any new jobs in to the county if those who are here are not qualified to fill them. Third, use incentives to attract individuals in the prime wage-earning age range of 25-64 into the county. Fourth, above all else concentrate on one single statistic: median household income. If you can bring MHI up, you will reduce the number of residents on food stamps, bring in more high-end retailers, increase tax revenues, and pull everything else up with it.