Investor Presentaiton
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There are major challenges in developing a sound evidence base for
economic development policy, and this is as true in the case of the Valleys as
elsewhere:
There is a wide range of factors in play, making it difficult to identify causes.
Causes may interact and play out over a long period. Causal pathways may be
specific to particular times and places.
Evidence is often produced by lobby groups or others with a partial perspective.
In general, economic evidence is more reliable when it:
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is derived from a broad range of studies;
- is consistent with the wider evidence base;
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takes explicit account of deadweight, displacement and other
offsetting effects;
- establishes results which are both statistically and quantitatively
significant.
Weaker evidence is often based on single studies (frequently with cases pre-
selected to demonstrate "success") and/or is applied in an inappropriate context.
"Expert" opinion is often of limited value unless based on evidence of the more
reliable kind.
Hard evidence in the area of economic development is quite limited in scope -
but the role of some relevant factors is reasonably well-established....the trouble
is that they are deep seated and difficult to change.
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