The "New Economy" has emerged, perhaps to the dismay of some, and has firmly established itself as the economy of the future. Telecommunications, information technology and services drive this new knowledge-based economy. In order to be successful in this new environment it is imperative that state governments become flexible, highly adaptable and open to change. Based on these ideas, the Progressive Policy Institute and the National Governor's Association for Best Practices have outlined several strategies for success in the new economy.
- Invest in people; creating a skilled workforce
- Nurture entrepreneurs; they are the drivers of the new economy
- Provide state-of-the-art infrastructure
- Collaborate to create high-tech clusters
- Create a customer-oriented government
- Streamline government taxes and regulations
- Enhance the quality of life in communities
Several states have already begun outlining programs and forming policies to help them achieve economic growth and prosperity in the new economy. Over the next several months, MERIC will produce a series of best practices studies focusing on economic development and workforce strategies for the new economy. Specifically, these reports will detail programs that other states are implementing, and report on the success or failure of those programs. The first study will focus on investing in people through workforce training initiatives. MERIC's goal is to keep Missouri policymakers informed of successful programs that may benefit the State and lead to more innovative programs for Missouri.
The new economy brings many challenges and opportunities to state government. It is critical that Missouri respond to these challenges. Failing to do so can only result in low worker productivity, stalled economic growth, stagnant living conditions, and reduced opportunity for Missouri's citizens.