Looking in, Leveraging, and Locking: An Asset-Based Framework for Economic Development Policy and Practice

Many factors contribute to growing inequalities in the United States. This commentary identifies three common assumptions inherent to economic development practice that may contribute to these dynamics within cities and regions. By looking beyond the economic development literature, the author presents a framework that prioritizes equitable outcomes for economic development: looking in, leveraging, and locking (3Ls). Looking in refers to a process whereby stakeholders assess existing formal and informal assets to address economic concerns. Leveraging refers to how stakeholders may collectively draw from existing assets to garner additional resources to achieve shared priorities. Locking refers to ensuring that economic development activities benefit residents, particularly those most marginalized and economically vulnerable. This commentary then compares the 3L framework to others, assessing how each may be useful in advancing more equitable economic outcomes in the United States.