This new column highlights the top economic stories of the week.

At the outset of this week, it looked like the Swine flu might be the largest influenza epidemic since the virus that wiped out a significant portion of the world’s population at the end of the first World War. Local economies everywhere have been affected given that people have stopped going out for fear of “The SuperFlu.”

Not to mention the fact that pork sales are down even though it’s common knowledge that the virus cannot be attained through food. Although, new cases of the flu have been spotted in Europe and Latin America, it looks as though things are easing up, and that the worst is over.

Jazzfest kicked off its 40th year anniversary last weekend under beautiful breezy blue skies.   Despite the global economic mood, the festival goers seemed more  upbeat this year as programs to rebuild the New Orleans economy are slowly taking root and beginning to yield visible results.

And there has been much talk about clean coal. West Virginia Mountain Top Removal coal protests heated up this week. Also, CNN Money interviewed George Soros this week. The billionaire says sometimes his firm’s investments conflict with his personal views. But that coal is a viable source of energy once you take the carbon out.

But the automobile industry definitely seemed to top the economic news this week. GE showed the way forward with advanced hybrids and EVs just as Chrysler’s woes have left the world wondering as to the future of GM. While Fiat’s proposed acquisition of GM’s European group signified hope for Chrysler, NPR is of the view that convincing consumers to buy cars from a bankrupt company would seem to be a Sisyphean task. Can Chrysler do it — or to be more precise, can Fiat, which never had much success in the American market, do it?

And what can we expect next week?

Well, for starters, President Barack Obama plans to roll out a set of proposals on international tax policies on Monday, in an announcement with potential implications for U.S. multinational firms. Let’s see what happens.

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Jazzfest kicked off its 40th year anniversary this weekend under beautiful breezy blue skies.   Despite the global economic mood, the festival goers seemed more  upbeat this year as programs to rebuild the New Orleans economy are slowly taking root and beginning to yield visible results.

At the round table hosted by the Louisiana Office of Tourism on Saturday at the fairgrounds, Lt. Governor Mitch Landrieu led a group of local culture entrepreneurs and artists in a discussion for the vision of re-invigorating the economy through New Orleans rich heritage.    “We have our priorities right here in Louisiana, we treasure the arts. Our friends and family come first.  We have a shared sense of stewardship to the community”, he said.

As Seth Harvey put it, also from the state’s Office of Tourism, “We have a lot of very different assets here in Louisiana.  50% of our revenue used to come from the oil industry, now that is down to 20% but revenue from the film industry is up to $800 million (up from $25 million in 2002)”.     Louisiana has re-looked at cultural preservation and initiated the groundwork to re-build an economy that leverages its unique heritage.  From reaching out to Hollywood to create the first ever Cajun and Zydeco music category in the Grammys (2008), to fostering international interest in Louisiana’s rich culinary traditions, New Orleans is building bridges back into the state through the promotion of culture not found elsewhere.

In an era dubbed “the creative economy”, Louisiana is an interesting example of innovation. By creating tax incentives for film production to passing legislation to help create districts or cultural hubs within the city, commerce is facilitated at a very grass roots level.  Block by block, business is developing, not from harnessing the internet or technology but from the firsthand understanding of needs and limited available resources.     By tapping into the population that was born and raised in Louisiana and providing them training and guidance, Louisiana is an example of bottom-up development instead of top-down governance, a recipe for resilience.

In fact, the festival itself is a mark of the type of grass roots success that the region seems to feel at home with. The first New Orleans Jazz and Heritage Festival was originally started to celebrate the indigenous music and culture of the region.  40 years later, the festival is expected to attract over 400,000 guests, 40% of which are expected to be from outside the state.  In a down economy, this is a cultural success story.

In celebration of  Jazzfest, this series of stories will focus on why and how NOLA is a hotbed of social enterprise, a check-in on the different housing re-build efforts 3 years after the storm, and a review of some of the unique sustainable community projects that just may have scalable applications.  Stay tuned.

Penn launched the effort at last week’s Coachella Festival in Indio, California, urging festival-goers to join a three-biodiesel-bus trip across the country to volunteer their services in communities that need help.

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