The Stormont Assembly yesterday unanimously voted to establish a working group on the economy to make recommendations to a restored Executive.
The two-hour debate, the first in more than three-and-a-half years, was boycotted by the 24 Sinn Féin members.
Both the SDLP and unionists criticised Sinn Féin's refusal to attend, with the DUP's Jeffrey Donaldson saying "abstentionism fails constituents". He referred to the establishment of an inclusive Executive "in the future at an appropriate stage".
Before proceedings got under way, Sinn Féin president Gerry Adams confirmed they would not take part in any debate in an Assembly that had no power. Speaking after a meeting of his group, he denied that British government policy could be influenced by a chamber that had no clout and he criticised the SDLP for taking part.
Asked if it would be better, as unionists argue, for Sinn Féin members to try to influence government policy, Mr Adams said unionists could wield executive power if they agreed to form a government.
SDLP deputy leader Alasdair McDonnell said Sinn Féin was back to "its old habits". "Gerry Adams isn't very experienced in these things," he said. "He's a convert to politics."
Sean Farren said the SDLP would test each debate on its merits: "We will make our own decision about our own participation here. Today is a contribution to preparing for devolution. We are prepared to make a contribution to that debate."
The debate was opened by DUP member David Simpson who referred to the "myth" of an all-Ireland economy and argued instead for the Republic to be enticed closer to the UK.
UUP leader Sir Reg Empey complained of over-regulation and that Northern Ireland was hampered by a lack of devolution and a severe skills shortage among the workforce.
Referring to the predominance of the State sector, he claimed the economy was "living in a public-sector bubble".
SDLP members referred to the need for all-island infrastructure requirements that many unionist contributors dismissed as politically motivated.
Dr Farren argued for cross-Border economic co-operation that, he said, would benefit both parts of the country. He allowed an intervention by Ian Paisley jnr who asked him if he accepted that violence had impeded Northern Ireland's economic development. Dr Farren countered, arguing that the absence of political progress continued to hamper the economy of the island of Ireland.
Sean Neeson of the Alliance party was one of many contributors who referred to the Republic's competitive advantage, especially in Corporation Tax.
The DUP's Diane Dodds criticised what she called "artificial cross-Border bodies", claiming that the North's Tourist Board had to provide some £22 million (€32 million) to Tourism Ireland.
East Derry Assembly member John Dallat (SDLP) accused unionist members of demonstrating "bitterness" across the floor of the chamber. DUP member Iris Robinson complained that some unionist areas were overlooked when it came to the allocation of investment. Her Strangford constituency had received "no peace dividend", she claimed.
Proceedings were strictly chaired by the presiding officer, Eileen Bell, who allowed little leeway in the application of the five-minute rule for speeches. The UK Unionist member, Robert McCartney, complained that speakers were being penalised for giving way in debates. He argued that interventions should not be allowed at the expense of a speaker's allocated time.
The debate was cordial, with many members making maiden speeches despite being elected in November 2003.
Progressive Unionist leader David Ervine sat with the UUP members, having signed as a member of that group on Monday. The speaker told the house she was still seeking advice on the question of Mr Ervine taking the role of Ulster Unionist Assembly whip while retaining the leadership of his own party.
The Assembly next meets on Monday when there will be an attempt to elect first and deputy first ministers, although there is no expectation that this will succeed.