Perhaps you heard the story of the man walking along a country road who comes across a shepherd with a large flock of sheep. He tells the shepherd, “I’ll bet you $100 against one of your sheep I can tell you the exact number in this flock.”
The shepherd thinks it over; it is a big flock, so he takes the bet.
“973,” says the man.
The shepherd is astonished because that is exactly right. He says “Okay. I’m a man of my word. Take an animal.”
The man picks one up and begins to walk away.
“Wait,” cries the shepherd, “Let me have a chance to get even. Double or nothing I can guess your exact occupation.”
The man agrees.
“You’re an economist for a government think tank,” says the shepherd.
“Amazing!” responds the man, “You’re exactly right! But tell me, how did you deduce that?”
“Well,” says the shepherd, “Put down my dog and I’ll tell you.”
The jokes about economists are more numerous than those about lawyers.
This month we focus on economic development, which is directly connected in most people’s minds to job creation, but what does economic growth really mean? For a nation, economic growth occurs when a country’s production capacity increases. In other words, the country’s producers of goods and services are able to make more stuff. In recent years, the U.S. economy has averaged under 3 percent growth — well behind countries like China, India and others. But as foreign markets grow, their costs also increase, leading to onshoring or domestic production.
Fortunately, our region’s economy, as you will see, is diverse and growing. Companies are expanding and new ones are coming into the area, all of which equals economic growth.
Favorite Quotes From This Issue:
“Whether we win Amazon or not, we have already won. The work that was done to put that package together, for that major win, can be used for any viable company.”
— Ken Potrock [Pg 16]
“If we think of it in terms of revenue generated by a single company, the $41.8 billion that visitors spent here in 2016 would rank 65th on the Fortune 500 list — right between Coca-Cola and New York Life.”
— George Aguel
“In any relationship, business, personal or community, if you’re not making them better – you are of no value to them. Value creation is making others better.”
— Jeff Piersall