“The riches of a kingdom or nation do not consist so much in the fulness of its treasury as in the fertility of its soil and the industry of its people.”
Many communities are recognizing that economic growth, as currently practiced, has many perils. Well-intended efforts to stimulate economic growth and to create jobs in the community, often result in unforeseen costs that may diminish or negate the good created by the jobs. This is a preliminary report on an early phase of a larger project to put decision-making tools in practicing managers’ hands that will help them understand the long run ecologic consequences as well as the short run consequences of economic development strategies and policies.
We believe the key to doing this is contained in President Brigham Young’s quote [at left], where he identifies three distinct types of capital: financial capital (fulness of the treasury), human capital (industriousness of the people), and natural capital (fertility of the soil). President Young also recognized the primacy of human and natural capital over financial capital as the key to prosperity.