2. The Wealth of Nations: An Inquiry into the Nature and
Causes first published in 1776, is Smith's classic
treaties on economic liberalism.
The Theory of Moral Sentiments- This work was
about those standards of ethical conduct that hold
society together, with emphasis on the general
harmony of human motives and activities under a
beneficent Providence.
3. "Agriculture, manufactures, commerce, and navigation, the
four pillars of our prosperity, are the most thriving when
left most free to individual enterprise." - Thomas Jefferson
Free enterprise is an economic system where few
restrictions are placed on business activities and
ownership. In this system, governments generally have
minimal ownership of enterprises in the market place. This
system aims for limited restrictions on trade and minimal
government intervention.
4. "Every individual necessarily labours to render the annual
revenue of the society as great as he can. He generally
neither intends to promote the public interest, nor knows
how much he is promoting it ...
He intends only his own gain, and he is in this, as in many
other cases, led by an invisible hand to promote an end
which was no part of his intention.
I have never known much good done by those who
affected to trade for the public good."
5. Pursuit of self-interest
Division of Labor – to make a smaller quantitof
labor create a larger qualtity of work
Freedom of Trade
Why are all men created equal – why do we have
property rights
6. Money has no intrinsic value
There is no fixed amount of wealth in a
nation
Wealth must be measured by the volume of
trades in goods and services
7. French physiocrats- economists- First with a theory based on
private property, minimal government, beureacratic
noninterference
Farming and mining were the only productive activities- not
manufacturing or mercantile
Adam Smith believed the economy was shaped by the nature
of man
Physiocrats believed the nature of man was shaped by the
economy
8. If the society were annually to employ all the
labor it could annually purchae.. The produce
of every succeding year would be of vastly
greater value
9. An economic system in which economic decisions and
the pricing of goods and services are guided solely by
the aggregate interactions of a country's citizens and
businesses and there is little government intervention
or central planning. This is the opposite of a centrally
planned economy, in which government
decisions drive most aspects of a country's economic
activity.
10. As early as 1790, Thomas Jefferson had hailed The Wealth of
Nations as the best book in political economy.
His friend Bishop James Madison (1749–1812), who was
president of William & Mary College for 35 years, was the first
professor of political economy in the United States. A libertarian
emphasized that "we were born free," Bishop Madison had used
the Wealth of Nations as his textbook.
Thomas Jefferson expressed the "hearty prayer" that the book
would become the basic American text in political economy.
11. “Every society has a right to fix the fundamental principles of its
association.“
‘Some people - and businesses - would prefer that government not
play referee to the game of business, not fix rules that protect labor
or provide for the protection of the commons and the public good.
We must say to all [such] individuals, that if they contemplate
pursuits beyond the limits of these principles and involving dangers
which the society chooses to avoid, they must go somewhere else
for their exercise; that we want no citizens, and still less ephemeral
and pseudo-citizens [like corporations], on such terms. We may
exclude them from our territory, as we do persons infected with
disease."
12. a stable currency to make markets possible
a legal infrastructure and court systems to
enforce the contracts that make markets possible
educated workforces through public education
workers show up at their places of business after
traveling on public roads, rails, or airways
Businesses are protected by police and fire
departments
Communications follow public rights-of-way
maintained and protected by government.
13. Economic Development is….
The attraction of capital to
your community
Agriculture
Mining
Manufacturing
Distribution
Headquarters
Business services
Tourism – Accommodations and
Entertainment
14. Economic Development is….
Wealth Consumers
Health Care
Construction/Housing
Retail
Education
Government Services
Accommodations and
Entertainment
15. What is Economic
Development?
Policies that governments undertake
to meet broad economic development
objectives- price stability, etc.
Policies and programs to provide
infrastructure and services
Policies and programs directed at
improving the business climate
16. What is Economic
Development?
No single definition incorporates all of the different
strands of economic development. Typically
economic development can be described in terms
of objectives.
These are most commonly described as
- creation of jobs and wealth
- the improvement of quality of life
- process that influences growth and restructuring
of an economy to enhance the economic well being
of a community.
17. What is Economic
Development?
Business Finance/Incentives
Marketing/Business Attraction
Business Retention and Expansion
Neighborhood Development
Small Business Development
Infrastructure and real estate
18. SEVEN COMPONENTS
of ECONOMIC DEVELOPMENT ACTIVITIES
1. Marketing and sales- prospect management, materials, advertising – Economic
development is the conscious decision of existing private and public sector
organizations to invest in working with existing companies and potential new companies
to make investments in the community.
2. Location- natural resources, customers, suppliers – Economic development programs
must demonstrate a comprehensive understanding of the needs of each industry
segment and how the resources of the community and proximity of customers and
suppliers meets the needs of each industry segment targeted for growth
3. Buildings and Sites- Economic development programs must insure that there are existing
sites and buildings that meet the needs of companies interested in making new
investments in the community.
4. Utility Infrastructure-transportation (road/air/rail/port) water, sewer, telecommunications –
Economic development programs must insure that the public and private infrastructure
is sufficient to accommodate increased growth.
19. SEVEN COMPONENTS
of ECONOMIC DEVELOPMENT ACTIVITIES
1. Marketing and sales- prospect management, materials, advertising – Economic
development is the conscious decision of existing private and public sector
organizations to invest in working with existing companies and potential new companies
to make investments in the community.
2. Location- natural resources, customers, suppliers – Economic development programs
must demonstrate a comprehensive understanding of the needs of each industry
segment and how the resources of the community and proximity of customers and
suppliers meets the needs of each industry segment targeted for growth
3. Buildings and Sites- Economic development programs must insure that there are existing
sites and buildings that meet the needs of companies interested in making new
investments in the community.
4. Utility Infrastructure-transportation (road/air/rail/port) water, sewer, telecommunications –
Economic development programs must insure that the public and private infrastructure
is sufficient to accommodate increased growth.
20. SEVEN COMPONENTS
5. Incentives and taxes- Economic development programs must insure that there are
sufficient incentives to be competitive and that these incentives provide advantages, or
at least equalization, of tax structures to encourage new investment.
6. Workforce- The community must provide some competitive advantage in relationship to
the workforce availability and productivity. This factor is increasingly important in certain
industry segments.
7. Quality of Life- education, housing, healthcare The community must provide competitive
advantages in relationship to the quality of life aspects of the community. This factor is
increasingly important in certain industry segments.
21. SEVEN COMPONENTS
5. Incentives and taxes- Economic development programs must insure that there are
sufficient incentives to be competitive and that these incentives provide advantages, or
at least equalization, of tax structures to encourage new investment.
6. Workforce- The community must provide some competitive advantage in relationship to
the workforce availability and productivity. This factor is increasingly important in certain
industry segments.
7. Quality of Life- education, housing, healthcare The community must provide competitive
advantages in relationship to the quality of life aspects of the community. This factor is
increasingly important in certain industry segments.
22. Role of economic
development practitioner
Community Leader
Catalyst
Gap Filler
Advocate
Educator
Visionary
Economist/Business Analyst
Real Estate/Infrastructure Developer
Financer
Salesperson
23. Barter- Food, Minerals, Jewelry, Clothing
Military Activities – Bronze and Metals
Trade- Greeks, Italians and Dutch
Manufacturing- Clothing
Flemish- First Tax Abatement in 14th Century
24. 1700 – 1820 Attraction of Residents
1820 – 1860 Attraction of Residents, capital for infrastructure, export
of agricultural products
Civil War and National Road
1860 – 1920 Growth of Resource based manufacturing- Petroleum,
iron and steel, meat and food products, clothing, ship building,
agricultural equipment
Manufacturers attract immigrant residents
1920 – 2000 Attraction of Entrepreneurs and Corporations
2000 – Attraction of Manufacturers, Non-manufacturers, business
services
Attraction of residents
25. Ohio has lost almost every major industry that drove
our economy
- Petroleum Refining
- Coal and mineral mining
- Shipbuilding
- Wagon making
- Agriculture Equipment
- Clothing and shoes
- Livestock ag and meat processing
-
26. Ohio has gained new industries and is a leader in
lost almost every major industry
- Auto Parts - #1
- Steel Production - #1
- Polymer (plastics)- #1
- Industrial Equipment- #1
- Food Processing
- Pharmaceuticals
- Biotech
- Distribution and air cargo
- Insurance
-
27.
28. Ohio Map
Description:
General Rufus Putnam (1738-1824)
created this map of Ohio in 1804,
one year after Ohio became a state.
He made the map, one of the first
maps of the state, while serving as
general surveyor of the United
States. It shows the boundary
between Ohio and American Indian
lands, marking several forts in the
Northwest Territory, including Fort
Defiance, Fort Wayne, and Fort
Recovery.
29.
30. 200 years ago, Ohio had 5,000 former European settlers
It was primarily Shawnee and Miami Indian territory
31.
32.
33.
34.
35.
36. John D. Rockefeller built the first oil refinery in the world
In Cleveland, Ohio.
37.
38. Ohio has lost almost every major industry that drove
our economy
- Petroleum Refining
- Coal and mineral mining
- Shipbuilding
- Wagon making
- Agriculture Equipment
- Clothing and shoes
- Livestock ag and meat processing
-
45. In 2008-
Ohio had three times more new plants
and expansions than plant closings
and downsizings
More jobs were projected to be created
than to be laid-off
25% of those to be laid off were related
to DHL and GM
53. Hobart Brothers
Hobart Brothers was incorporated in 1917 by Charles Clarence (C.C.) Hobart,
along with is wife, Lou Ella, and their three sons, Edward, Charles and William.
The company began its manufacturing endeavors with a variety of products
including generators (Dynamos), metal office furniture and air compressors.
In 1925, it produced its first welder, which started Hobart Brothers on the path to
becoming a preeminent company in the welding industry.
Established the Hobart Institute of Welding Technology in 1930. The school
became a separate non-profit entity in 1940 and has since trained more than
90,000 welders.
In 1937, Hobart Brothers turned to the production of stick electrodes and shortly
thereafter, the company began serving an active role in manufacturing for World
War II. It produced more than 100,000 welders and approximately 45,000
generators to support the war effort.
54.
55.
56.
57.
58.
59.
60. In aviation history the 1920s and 1930s are
collectively known as the
golden age of aviation
.
Waco became the best known aircraft
manufacturer in the US starting in 1927 when
the popular Waco 10 was designed, resulting
in a 3 year production run of over 1600
aircraft.
