"One approach is called the passive approach. This approach to economic development says that what you want to do is to promote the background characteristics that are conducive to development and growth, so you focus on things like education, highways, public safety," says Dr. Walden, a faculty member in the College of Agriculture and Life Sciences.

"The competing approach is called active economic development, and here what the government does is go out and actively recruit businesses, rather than waiting for those businesses to come, using incentives and other carrots.

"Each approach, of course, has pluses and minuses," he adds. "The passive approach, on the downside, can take a very long time to bear fruit, but it is investing in things that are obviously very crucial and basic.

"The active approach, on the other hand, can be very quick. But incentives, for example, are very unpopular with the public," Walden says.

"I think one compromise here, and I think North Carolina really does this is, is actually spend most of our time and efforts on the passive approach – education, highways, et cetera -- but in special cases the active approach where you use things like incentives," he concludes.