Page 128 - DLIS406_ACADEMIC_LIBRARY_SYSTEM

Unit 12: Academic Library

6. Catalyst for Economic Development at the Local and National Levels Notes
Economic development effort is simply any activity that raises real incomes, thereby offering
new hopes of expanded opportunities for people, communities, and enterprises. As both the
global and national economies become more and more knowledge-driven, specialized knowledge
has become the indispensable asset for further economic development. Local businesses benefit
greatly in specific ways from libraries, including access to new ideas, knowledge and information.
In particular, relocating businesses, start-up businesses, and small businesses of all kinds are
perceived as enjoying the greatest benefits from library products and services. Indeed, existence
of libraries has been cited as a reason for a business’ decision to relocate to a particular
community. Studies also found that business information resources were significantly more
valuable with expert help of library staff. In other words, not only are information sources
themselves viewed as important resources for people seeking mission-oriented information,
but professional services provided by librarians are believed by many to be critical factors in
finding, accessing and utilizing information resources to the fullest extent, especially with
regard to electronic resources.
Studies further suggest that for any nation to be effective in the global economy, its institutions
of higher learning must do more than just prepare an educated workforce and expand knowledge
through research and scholarship. They must get involved in local economic development
(Matson et al, 1995). Libraries in these institutions can play an important role in effecting
extension of economic development knowledge to the community. The main physical manifestations
of economic knowledge extension services by higher institutions are economic development
information centers (EDICs). The type of information provided in EDICs includes: general
economic and industry-specific statistics, economic forecasts, trade statistics, market surveys,
census data, tax and regulatory requirements, cost-of-living and cost-of-doing-business data,
and information on general business practices, financial planning, as well as employee benefits
and compensation. “How to” materials ranging from starting a business to entering foreign
markets are also an important part of a typical core collection (Miele and Welch, 1995). Training
in basic business planning and management could also be provided.

Notes A library may offer extension services as part of its service portfolio or develop
an EDIC unit to focus on local economic development services.

7. Direct Economic Benefits to Members of the Community

Many direct benefits from library services accrue to individuals. These include cost savings
from borrowing materials rather than having to buy them; borrowing of such items as audio
books and videotapes, which save significant expenditures; and the use of periodicals and
newspapers which result in financial benefit. There is a dual nature to this: first, users save
the cost of purchasing these items themselves; and second, many users have been better able
to manage their lives as a result of information obtained. In fact, some quality of life indexes,
for example best places to live, best places to raise children, and best places to retire, include
“library books per capita” statistic when profiling communities.
Libraries enhance productivity of individuals and organisations. Access to the right information
is a very critical component in the productivity of information workers, and consequently the
productivity and good decision-making of the organizations employing them. For the self-
employed knowledge worker, use of libraries make them more productive on their jobs, especially

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