The Pursuit of Economic Progress and Security The Governor of New York State bel
ID: 1141377 • Letter: T
Question
The Pursuit of Economic Progress and Security The Governor of New York State believes that the strength of the state's economy lies in the vitality of its metropolitan areas. However, the Governor knows little about the elements of what would make for an economically metropolitan or urbanized area. The Governor has hired you a economic consultant. Your task is to write a research paper designed to educate the Governor on issues related to developing a sound urban economy. sound city, s his urban I. Developing a Market Force Urban Strategy The Governor needs to create a strategic economic development plan to create jobs, gain a competitive advantage over other states and reverse this malignant political environment. It is essential that you focus on the market forces that defines the system of cities and creates a regional competitive advantage. The Governor would like you to: 1. Briefly explain the building blocks of Urban Economic thought. 2. Explain and discuss the economic principles behind the development of a city 3. Discuss some of the critical urban economic issues of today. 4. Discuss some of the economic rationales behind business location and the system of cities in New York, their benefits and pitfalls.Explanation / Answer
1. Traditionally, economic development has been measured through a host of aggregated variables, mainly GDP, adjusted for PPP. Yet, as a concept, development had always been associated with an increase in diversity that cannot be captured by such averages. As the human body develops, cells differentiate into neurons, muscles, bones and other cell types. Similarly, as nations develop, different industries and products are born. Assessing the health of a nation soley based on its wealth is like assessing the health of a child solely based on its weight.
Education and Trade are two way street for the development of Urban Economy:
Education systems are under an ever brighter spotlight as countries wonder how to equip their new generations for a world where knowledge and innovation are the important competitive advantage. Countries with contrasting education systems, such as Japan, Singapore and the US, are looking at each other for clues. Yet clues may also be found by looking at how existing education systems have been shaped by a country's own trade pattern and intensity.
The free-spirited approach has helped the US build a diverse talent base for its creative industries whose needs are neglected by traditional school environments. Centralised education systems, on the other hand, are better known for consistently producing a homogeneous and well-trained workforce, which is advantageous for sophisticated manufacturing or services .
2. There are 5 Economic principles behind the development of any city. They are
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