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Economic Perspectives, Vol. 11, 3rd, No. 5, September 1987
Economic development efforts in the Seventh District
For the most part, individual states are limited in their ability to influence their economic prospects. National monetary and fiscal policies may offset state-level programs designed to stimulate employment growth. Shifting markets and foreign competition can also undercut state efforts to lean against the winds of change. But, while their impacts may be limited, economic development efforts in recent years have been a top priority for most states. The increased attention devoted to state economic development is primarily due to two factors. First, the back-to-back recessions in the early 1980s severely affected states dependent upon manufacturing, causing great concern among state officials. Second, the federal government has been gradually lessening its role in state development programs. Thus, states have had to fill in the gaps and find new sources of funds.
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