True economic development is not just about business or enterprise creation, job training and development, increasing trade, taxation or making a profit-true economic development is also about people, values and resources.
Economic development is about becoming better, not necessarily larger, as in economic growth. Economic development is about families, households, communities, food, health, housing, natural resources, agriculture, environment, culture, arts, education and tourism. True economic development cannot be accomplished by a few elite or even by experts alone. Without the involvement and representation of those affected by the economy, we are destined to never have a truly healthy economy that benefits all the people. The word economics comes from the Greek word meaning household. People make up households. Economics is about resources, too. An economy is a system of producing, using and allocating resources to meet the peoples needs. Finally, an economic system is a collection of laws, institutions and activities to produce, use and allocate resources to people based on the values and culture of a particular society. Economics, therefore, is about people, resources and values.
A vision for a healthy economy would encompass four key principles: 1) A healthy economy must reflect the cultural values, attributes and uniqueness of the people who comprise it 2) A healthy economy must ensure and equitable distribution of resources and equitable participation by all members or citizens of the community 3) A healthy economy must strive to control existing assets and to create new ones 4) A healthy economy must strive for balance and sustainability. This principle ties together the other three principles. Lemhi County Economic Development Association encourages those who seek to strengthen and develop the economy of the Lemhi Valley to consider these principles in their deliberations. Just remember that the economy is, first and foremost about people, resources and values.