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The Economic Perspective: “Encouraging Businesses”

I’m Mary Walden, with economist MW, welcoming you to the economic perspective.  Today’s program looks at encouraging businesses.  Mike, starting new businesses is important for two reasons.  First, it’s the goal of many people to be their own boss, and beginning a new business is a way to do that.  Second, forming new businesses is a way the economy advances and develops new products and services. So as a society, how do we encourage people to take the risk of running a business?

  • Government incentives through the tax system, or through direct government financial assistance
  • Encouraging young people do enter occupations that are more prone to business development
  • More private and public spending on research and development, which can create business ideas
  • A new study tests these and finds they are not the big cause
  • Instead, the study says developing a “culture” of business is the key
  • Educating young people and others as to the role and importance of business
  • And then telling individuals they can be the one to come up with a successful idea and make it grow though a business
  • I’m MW

And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.