Nova Scotia, the beautiful seashore state in Southeast Canada, is pulling more and more attending from the outside universe with its rich resources and natural beauty. It has for a long clip trusting on its geographic advantage, with Atlantic Ocean environing it, and its rich natural resources to develop its economic system. It has uncomparable advantage in its fishing industry, and really Nova Scotia ‘s economic system starts with its rich fish stocks. Nova Scotia is besides rich in forestry. Its mush and paper industry is extremely developed. Traditionally, Nova Scotia ‘s labour force concentrated in its fishing industry. In recent old ages, more and more people flood to Nova Scotia. Its touristry industry has besides become an of import sector in Nova Scotia ‘s economic system. Besides, its beauty besides attracted many Hollywood movie shapers. Nova Scotia besides has big movie industry. Mining and agricultural besides accounts great step in Nova Scotia ‘s economic system. ( Government of Nova Scotia, 2010 )
Whatever its advantages in economic development, Nova Scotia has confronted many challenges in recent old ages. First of wholly, its fishing industry has suffered great diminution because of long-run overfishing, particularly overfishing in collect stocks. More late, Nova Scotia is faced with serious financial job. Its fiscal status is even desperate ( CBC News, 2009 ) . In the background of fiscal crisis which broke out in USA in 2008 and has shortly spread to most portion of the universe, most economic systems showed recession in the past 2009 to a large or little extent. Canadian ‘s Nova Scotia was no exclusion. The provincial authorities has been fighting to better its financial status and economic public presentation. Some suggest increasing income revenue enhancement and cutting disbursement. However, whether those steps can coherent with the connotation to better the provincial economic system still needs to be examined. In the long tally, Nova Scotia should happen a more sustainable manner to prosecute its economic development.
Exploration into new ways to develop Nova Scotia ‘s economic system
The governmental attempt in past old ages was concentrating on turning back the economic recession ( Elizabeth Beale, 2009 ) . Here, the article will travel back to the basic theoretical account in economic sciences, the balance between aggregative demand and supply. First, merely with the addition of the demand can the merchandises be transferred to societal wealth. From this point of position, authorities should take agencies to better non merely the income but besides the societal public assistance of Nova Scotia people. Nova Scotia has absolute advantage in angling industry, particularly its pod stock, the excavation and timber industry. It can develop these traditional industry further and export to other states or states. Nova Scotia is coast state, with convenient conveyance agencies, which is a large advantage in international trade. In add-on, authorities should better the investing environment and steer the investing from both the private concern and authorities itself. Although the market decides the flow of societal resources, authorities should play its function to do the resource distribution more sensible and every bit. Nova Scotia ‘s economic system has long been trusting on its small-business sector, with little concern doing up more than 90 % of the economic system ( Government of Nova Scotia, 2010 ) . Small concern can absorb more employment, though, but it may do the waste of resource. Necessary amalgamation and acquisition is helpful to efficaciously administer societal resource.
The other theoretical account applied here is the balance between the long-run and short-run development. We should seek the sustain development. In the past decennary, authorities paid most attending on short-run economic public presentation, like the one-year growing rate or one-year GDP. However, they are non the best indexs of an economic system. We should take a long-run position of economic development. Nova Scotia one time suffered from the diminution of its fishing industry due to overfishing. All natural resources will be nonextant one twenty-four hours. Reasonable development is necessary non merely for the good of our coevals but besides for the following. With fast development of scientific discipline and engineering, we should use the most advanced accomplishments for the good of world. For illustration, we can present advanced engineering to traditional fishing industry to recognize more sustainable development of it.
Recommendations for bettering the economic public presentation of Nova Scotia
Based on the analysis of the advantage and disadvantage for Nova Scotia ‘s economic development and the illustration of the theoretical accounts applied, a list of recommendations is provided here for the better development of the provincial economic system.
Bettering the life criterions of Nova Scotia people
Populating criterions of the common people is an of import index to mensurate an economic system. High income agencies high possible demand for merchandises. In the unstable planetary environment, authorities should turn more attending on bettering the domestic demand other than rely chiefly on export. Sound societal public assistance system, such as instruction, wellness attention or insure system will do people convinced of the society. Stable environment is a must for economic development.
Making full usage of the geographic advantage to develop larboard economic system
Besides of developing the traditional sea industry in new ways, Nova Scotia can besides do usage of its geographic advantage to develop larboard economic system. Port economic system does non intend the development of conveyance, but an economic zone or industrial concatenation. In the economic zone, many endeavors and establishments, trusting on the geographic advantage, can bring forth economic systems of graduated table and external economic systems. Related concerns can all recognize development through both cooperation and competition in industrial upgrading. They can portion common resources, thereby cut down concern dealing costs and better fabrication effectivity. Port economic system is an unfastened economic system, therefore can convey about the development of international trade.
Using advanced engineering to develop traditional industries
Nova Scotia ‘s traditional industries like fishing, excavation, and nautical timber industry have long been the most of import sectors and supply the most employment chances. These industries all are resource-based. With the alterations on development environment, we should besides alter the operating system of these industries and seek the sustainable development. For illustration, by replacing the old fishing means, we can alternatively utilize machine-controlled fishing machines with supervising system, avoiding overfishing. Application of advanced engineering in excavation can better the safety and efficiency.
Optimizing and reconstituting little concerns
As mentioned in early portion, little concern is the chief signifier of Nova Scotia ‘s economic system. Small concern signifier has its great advantage, because they are more flexible and they can absorb much labour force. Small concern can be farther developed by optimising their maps. Government should promote little concern to be more advanced, and ever follow the development of advanced engineering. Merely by supplying high-value-added goods and services can little concerns be competitory in markets. For the inefficient little concern, amalgamation and acquisition should be besides encouraged, which is the illustration of effectual resource distribution.
This article, from the position of demand-supply theoretical account and the balance between long-run and short-run development, provides new ways for the farther development of Nova Scotia. As a seashore state, with absolute advantage in natural resources, Nova Scotia should on one manus keep its fight in traditional industries and on the other manus seek new ways to acquire farther development. Furthermore, in the globalisation background, Nova Scotia can besides develop larboard economic system to do itself more involved in international sphere.