by Norman Halls, contributor
Higher education is key to economic development, but it starts in the lower grades too. Public education is a worthy investment for state and local government, with immense social and economic benefits. Research shows that individuals who graduate and have access to quality education throughout primary and secondary school are more likely to find gainful employment, have stable families, and be active and productive citizens. “The key to economic development starts in every classroom, every day. Town of Bluffton, SC and Beaufort County leaders are fully aware, education is a crucial to growing a sustainable, progressive community. The Beaufort County School District, regional private schools and local higher-education institutions are partners in advancing our region and providing targeted workforce skill sets.”
“Human capital is perhaps the single most important long-term driver of an economy,” wrote Rebecca Strauss, associate director for the Council on Foreign Relations’ (CFR) Renewing America publications. “Smarter workers are more productive and innovative. It is an economist’s rule that an increase of one year in a country’s average schooling level corresponds to an increase of 3 to 4 percent in long-term economic growth. Most of the value added in the modern global economy is now knowledge based.” But to anticipate and embrace the continuum, education and government leaders need to understand the shifting dynamics and trends impacting students, teachers and leaders. Capitalizing on these trends can enable an education system to create transformation for the future. By IBM Published as a part of the Smarter Government initiative.
Education is an investment for a local community and state government. Today’s students need “twenty-first-century skills,” like critical thinking, problem solving, creativity, and digital literacy. Learners of all ages need to become familiar with new technologies and cope with rapidly changing workplaces. “Today American states and elected officials are faced with fiscal crises that sometimes lead them to cut the funding streams for these public services. Over the long haul, however, states will position themselves better if they develop practical, long-term plans for sustained investments in education, workforce preparation, and retraining. A key element of these plans must be increased accountability in school spending, reform of the tax systems that finance education, and reform of business tax incentive programs that siphon away revenue for no productive purpose.” by William Schweke Smart Money-Education and Economic Development
Albert Einstein had it right when he said: “We cannot solve our problems by using the same kind of thinking we used when we created them.” The translation of this is companies and people must evolve their thinking and try new things if they are to survive and grow. In other words, they must innovate. Growth Mindset and innovation are key words for successful educational programs and businesses to have a competitive advantage for communities to create a culture and long-term improvements. Local Economic Development (LED) is a process by which public sector, education (formal grades and higher education), business and civil society work collectively to create better conditions for economic growth and employment generation. Its purpose is to build up the economic capacity of a local area to improve its economic future and the quality of life for all. A business–education partnership is ongoing involvement between schools and business-industry, unions, governments and community organizations. These partnerships are established by mutual agreement between two or more parties to establish certain goals, and to construct a plan of action for achievement of those goals. They also serve to strengthen instruction in academic skills and to enrich the educational process through the talent, idea power, and unique human resources that can be provided by the personnel of participating businesses.
For business inventiveness, justifiable development means adopting business strategies and activities that meet the needs of the inventiveness and its stakeholders today while protecting, sustaining and enhancing the human and natural resources that will be needed in the future. Involving education will support local business technology to find new ways for communities to take aggressive competition into the 21st century. Industry is ushering in a new era of enhanced performances in management that will be more resourceful and productive.
