LABi (Los Alamos Business incubation) has posted a paper titled “What is Economic Development?” on its website (http://labi505.com/economic-development/).
According to Andy Andrews, LABi president, the paper is important because it explores the concept of economic development as a guide for discussion. Based on the concepts of community and the export of products or services, the paper identifies the need for collaborative efforts focused on economic development.
Many factors contribute to the economic health and vitality of a community. Two of the most important are commerce and economic development. Commerce is essential for the vitality of the community. It can support economic development indirectly but, in fact, if the retail outlets, their suppliers, and the service providers are from outside of the community, the result can be a net economic drain.
For economic growth of a community, the inflow of money must be greater than the outflow. Economic development is all about the export of goods, services and experiences. LABi believes that export is the main way that Los Alamos can be vital in the long-run. The LABi paper provides an underlying foundation for the economic development of the Los Alamos community.