IN PURSUIT OF PROSPERITY :
THE ‘ CORE ’ ECONOMIC DEVELOPMENT ACTIVITIES OF COUNCILS
Sasha Lennon , SC Lennon & Associates
When we talk about ‘ economic development ’, by virtue of the range of ideas and activities that the concept can cover , we are by necessity referring to an all-encompassing subject matter that can sometimes be challenging to articulate . In my travels throughout rural , regional and remote Australia , where I ’ ve engaged with a diversity of communities , all with their own unique attributes and characteristics , needs and challenges , aspirations and sensibilities , I ’ ve come to settle on the following definition of economic development :
‘ Economic development ’ is about the continuous improvement of a region or locale ’ s level of income and capital ( wealth ) and the distribution of that wealth ( through expenditure and jobs ) to the community . Measured by advances in levels of investment , income generation and employment , economic development is also defined by improvements in education , skills , health , culture , community wellbeing , a sense of place and the natural environment .’
Characterised by the mutually-reinforcing connection between community , culture , environment and the economy , economic development is essentially about improving quality of life , or to capture the concept more succinctly , it is about ‘ prosperity ’.
This notion of prosperity looks beyond improvements in industry output , gross regional product ( GRP ) and employment as the only measures of positive change . As fundamental as these traditional growth measures are , sustainable economic development requires long-term economic growth while also building on local community , cultural and environmental attributes which are inextricably linked with economic success .
The definition provided above is necessarily broad . Of course , its not the only definition one can use , and other descriptions of economic development may be more appropriate when seeking to understand and address the needs of particular communities or interest groups .
For example , if we were to focus on the economic development challenges and aspirations of Indigenous communities , we might think more pointedly of ‘ Indigenous economic development ’ as the involvement of Indigenous people in employment , business , asset and wealth creation in the communities and regions where they live .
If we were focussed more specifically on , say , economic development as it applies to the cultural and creative industries , the definition again would be more specific to the needs of the interest group or the community in question . Nevertheless , while definitions of economic development can be many and varied , the underlying principles of asset and wealth creation and the generation of opportunities for meaningful and sustainable employment in local communities , are common to all .
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