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Understanding How to Support a Local Economy

These notes are summarised from the Key Findings of the Economic Scrutiny Committee Short Scrutiny Study – Economic Regeneration; Welsh Case Study: 1994 – 2003

Neighbourhood decline refers to the process by which areas become disadvantaged and includes environmental, social and economic factors. Neighbourhood renewal aims to reverse this process, improve the quality of life and attract people back into declining areas.

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Local Economies and Neighbourhood Renewal

The Ragged project is a developing a holistic social model that aims to help underpin local economies and foster economic regeneration in its activities. Economics is a fundamental part of everyone’s life, and is therefore an important consideration when developing such community enterprises.

To help inform the discussion the Ecoregen document produced by The Audit Commission was consulted. A series of indicators for economic regeneration of an area were laid out by the Audit Commission to facilitate the efficient and effective spending of public money.  Kevin Ambrose was the key author of the Ecoregen document which was published in November 2005 from which this digest has been extrapolated to highlight elements.

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Is Economics a Dismal Science?

A famous quote is that of Thomas Carlyle stating economics as the dismal science. Thomas Carlyle complained that society had become mechanical and lost much of its humanity because of the abstraction of ‘real things’ into monetary terms.

In fact, there appears much gloom around the fabled world of money and exchange, and as someone who is outside of this field of study I wrestle with just what it all means and what is the practical nature of economics (also known as political economy).

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Business and Community

We live in interesting times. When attending a conference on how businesses can become involved in their communities, I was impressed at the interest that the business community has in ‘putting something back in’.

So many questions are being asked as the economy goes through all of it’s changes and adjustments. For many it is a time when belts are tightened and prospects seem uncertain. We are being asked these questions by our circumstances and being pressed to come up with solutions. Read more