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Impact of 2007-2009 Recession on Economic Vitality: New Directions Economic Impact Workshop

Explore best practices and strategies for economic vitality in the aftermath of the 2007-2009 recession. Learn how to shift from local to regional focus, leverage unique qualities for success, and utilize tools for analysis and strategic thinking.

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Impact of 2007-2009 Recession on Economic Vitality: New Directions Economic Impact Workshop

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  1. Best Practices Impacting Economic Vitality: The 2007-2009 Recession as a Catalyst for New Directions Economic Impact WorkshopCarter Hall, University of Southern Indiana July 19, 2011 Mohammed Khayum College of Business University of Southern Indiana

  2. Outline • Best Practices • Evolution and Current Focus • Information gaps • Toolkits for analysis and strategic thinking • Platforms and networks • Aftermath of 2007-2009 Recession • Disruption and Reconfiguration of Frameworks

  3. SHIFT FROM LOCAL TO REGIONAL FOCUS • Acting regionally to compete globally • SUCCESS LINKED TO TAKING ADVANTAGE OF UNIQUE QUALITIES • Strategic Directions, Collaboration, Innovative Practice • MORE TOOLS AVAILABLE (www.statsamerica.org/innovation) • Industry Clusters • Occupation Clusters Innovation Index Regional Innovation Strategy

  4. For the frameworks we use what gets more attention? Rear View Mirror or Windshield Perspectives?

  5. Aftermath of the 2007-2009 Recession: Change in U.S. Employment

  6. Aftermath of the 2007-2009 Recession: Change in Indiana Employment

  7. Metropolitan Areas Return-to-Peak Employment U.S. Metro Economies: Employment and GMP Forecast, IHS Global Insight, 2010

  8. The Changing Shape of Unemployment

  9. The 2007-09 recession had a severe impact on the U.S. labor market During the recession, more than 89 million employees lost their • jobs, while fewer than 82 million were hired • The slow labor market recovery has prompted a growing list of suggested structural explanations in addition to the standard cyclical explanations • Structural factors considered: • Mismatch between job openings and job seekers • Extended hiring time • Sectoral shifts • Uncertainty

  10. Source: Where Good Ideas Come From- The Natural History of Innovation by Steven Johnson (2010), p. 229.

  11. Portfolio of Investments Integrating Capitals

  12. New Directions • Greater understanding of the service sector • How input-output analysis can help • Fostering the shift from protecting ideas to connecting ideas • Innovation processes • Don’t blame your culture ……start building on it

  13. LIVING IN A CONNECTED WORLD • Information flows more quickly than ever before • Information is being recycled • put to new uses • transformed in a diverse network • e.g. you write a tweet about what you had for lunch and layers of stacked platforms are activated • – the Twitter API and underlying database • - SMS communications protocol, cell towers and satellites • - Open RSS platform • - GPS • - HTTP and TCP/IP protocols • When you don’t have to ask permission innovation thrives • Networks • densely populated • plastic – capable of adopting new configurations

  14. Culture – set of deeply embedded, self-reinforcing behavior, beliefs, and mindsets that determine ‘how we do things.’ Deeply embedded cultural influences change far more slowly than marketplace factors Initiate, accelerate, sustain change by learning to work with and within our culture

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