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(1) Investing too much in attracting large, mature firms may not be good policy.(2) There is little reason to have much faith in the ability of local governments to play venture capitalist. The best role for government is simply to encourage competition among local banks and financiers.(3) There is much to be said for the strategy of focusing on the quality of life policies that can attract smart, entrepreneurial people. The best economic development strategy may be to attract smart people and get out of their way.(4) Good universities have faculty members who are involved in local start-ups and train students who may become entrepreneurs and the employees of entrepreneurs. Imposing costs that restrict the growth of such institutions can be costly.The prize quote from the brief: "What community ever screwed up by providing too much quality of life?" That ought to become the guiding principle of every city.
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