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Lee Waters AM @Amanwy
, 22 tweets, 7 min read Read on Twitter
Attended a stimulanting international seminar at @TheCelticManor this week, organised by @LSWalesCDdCymru @cardiffmet & @HodgeBank on regional economic development with thinkers from Harvard, Oxford, the Sorbonne among others. Here are some of the things that I learned...
#Brexit was the revenge of places that do not matter, @john_tomaney argued. 87% of the growth the UK has seen has taken place in London and the S.E - Britain has the largest range of regional disparities in he EU.
Structures to support economic development in England dismantled in 2010 with focus instead on localism and ‘deal-based’ devolution creating a strategic vacuum. Planning out of fashion because of orthodox view that not much works so better to leave to market
The English approach to regional development highly complex - Metro Mayors & LEPs - and low-levels of public investment focused on property development in cities and commuting. Manchester held up exemplar of City Regionalism but it’s not creating high quality jobs.
Little regional emphasis in Welsh economy, one Prof argued we’ve recreated the British Unitary State at a Welsh level. But if @DFID_UK were to analyse Wales it’s likely they’d recommend capacity building in the country
States across the world are struggling with developing a ‘shared sense of us’ @ricardo_hausman argued, juggling the tension between an open economy and a deep sense of identity that binds people in
Developing World very closed to immigration but growth depends on technological diffusion and openness to ideas. Limits on immigration highest amongst some of the poorest countries but @ricardo_hausman said diversity and team work the key...
... It takes 10,000 hours to be good at something so societies know more, not because people know more but because people know different - @ricardo_hausman called it the Scrabble theory of economic growth.
...You make words by putting letters together. The more letters, the word words; so for economic development you have to put letters together which means cooperating, and that requires an openness to migration.
25% of UK GDP is from the hybrid sector (organisations like HE/ Network Rail/ Housing Associations). Sector has been growing- 2/3 of secondary pupils in England are now in Academies. @ProfJohnKay argued the governance of this sector needs reform.
Ex-@Ofcom CEO Ed Richards agreed warning that regulators at risk of institutional capture allowing self-interest and organisational interest to be conflated - the way VC pay in HE sector has risen is an example
Developments in technology represent a 2nd Renaissance according to @ian_goldin but rising inequality means that while walls are coming down internationally they are going up domestically
Advances in genomics could be transformative. What took @JCVenter $2Bn to do can now be done for $200 holding open the promise that we could all have our DNA sequenced in next 10 years and treated by personalised drugs
Anything that is rules based and repetitive, not requiring dexterity or empathy, can be automated (machines in call centres getting higher customer satisfaction levels than humans already using existing technologies). We need to focus on creativity and tasks that machines cannot
It’s the price of capital not the price of labour that’ll determine what’s automated, says @ian_goldin - Government is going to have to be more active to redistribute the benefits society accrues from #AI
Economy faces significant threat from Global Warming. @ian_goldin says Stern’s warning 10 years ago of 5% annual fall in GDP by 2050 underestimated the speed and impact of climate change. We’re ‘way beyond 2 degree scenario’ because ‘too little has been done too slowly’
Prof Karel Williams of @MBSnews says GVA in UK is increasing but not being distributed downwards: 20% of households are in low paid, precarious jobs with 35% of economically active households receiving more from the State than they pay in
J.K Galbraith’s description of ‘Private affluence and public squalor’ never more apt says Karel Williams. Need to place emphasis on quality and quantity of access to goods and services. Tories forgotten that their 1951 manifesto described housing as “the first social service”
The everyday Foundational Economy operates in mundane sectors that traditionally were low risk and expected investment returns of 5%. Privatisation drew in corporates with high-risk short-term horizon activities demanding 10% returns. Care prime example of where this is failing
Responding to Karel Williams @vwinckler warned of the need to strike balance between focusing on the Foundational Economy and tradable goods as “the last thing we want is further deindustrialisation”.
pointed out that institutions needed to deliver the Foundational Economy have been hollowed out and work needs to be done identifying the tools and levers. “I don’t have a neat plan of how it might work, but we need to make something work” Karel Williams said in reply
....That’s all folks. I’ve missed loads out but @LSWalesCDdCymru will be posting videos of all of the presentations.
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