The myths of economic development and the ‘must do's’ to avoid them

Abstract

AbstractLocal economic development has recently emerged in Western nations, including across Australasia, as both a concern of local and regional governments and as a profession. The connections between theory and practice have been complex, and defining best practice is difficult. It seems clear, however, that generally practice is far from perfect, and often reflects poor thinking and a lack of understanding of the underlying drivers of economic development. Academic fads have often driven practice, and there are many myths associated with local economic development practice. The paper unpacks some of the most persistent and important myths, and suggests ways for practitioners, regional leaders and stakeholders alike to overcome the traps associated with the myths.