All of Us Are the Job Generators
Although with regret, I have to opine that former East Providence city councilman Robert Cusack misses the target in his op-ed, yesterday, suggesting a way for Rhode Island to rejuvenate its sputtering economy:
We need to identify a job generator, make the changes needed to attract those jobs and then promote Rhode Island to execute the strategy. Which job generator? The initiative that brought Fidelity to the state has worked. Financial services remains a good candidate. Now we hear of bio-science in a new “Knowledge District.” Other ideas have been put forward that capitalize on our strengths. Whichever one or two job generators we target, that decision for once should be data-driven and fully vetted, and not a hipshot. Our future as a state is at stake.
The frame of mind that presents a policy prescription of what “we” (ultimately having to mean the government) need to do is fundamentally built around a trap in logic. Government officials — elected, appointed, or bureaucratic — have no competence in predicting the future bends of the marketplace. Just as the stock market is ultimately a gamble, wagering the state’s economic well-being on the probability that the companies that happen to be in Rhode Island will happen to compete well in an industry that happens to take off is a high-stakes bet at best.
Continue reading on the Ocean State Current…