Fundamentals of Economic Development: 

Economic Development is programs, policies, or activities that seek to improve the economic well-being and quality of life for a community. Economic development is the process whereby simple, low-income national economies are transformed into modern industrial economies.

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Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.


“Challenge of development is to improve the quality of life.”….WB. The improved Quality of Life involves higher incomes, better education, higher standards of health and nutrition, less poverty, a cleaner environment, and more equality of opportunities, greater individual freedom, and a richer cultural life. The standard of living is a measure of the wealth and personal enjoyment that a person experiences.

Economic development is the process of creating and sustaining wealth. We know that it is occurring when:

• New jobs are being created

• Existing jobs are being maintained

• The standard of living is improving

Economic development is happening when:

• The standard of living is increasing

• A “real” increase in the level of average household income is occurring

• The “equity” of income distribution is improving

• The local tax base is keeping pace with the mounting cost of government services

• Business and industry are creating quality jobs

• The local quality of life keeps getting better

Economic factors of development are Capital, Labor, Natural resources, Technology & Established markets (labor, financial, goods). Non-economic factors (institutional, social, values) are Attitudes toward life and work, Public and private structures, Cultural traditions, Systems of land tenure, property rights, Integrity of government agencies, etc.

Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP).

Economic growth is also defined as the annual increase in the real per capita income of a given economy over a long period of time. Economic growth is usually measured in terms of an increase in the annual Gross National Product (GNP) or Net National Product (NNP) and an increase in per capita income.

Here in this video we will discuss upon what is Economic Development, What is Economic Growth, Economic growth vs. economic development, What is underdevelopment, Characteristics (Indicators) of Underdevelopment, Determinants of Economic Growth and Development, Causes of economic growth, Economic growth without development, Balanced and Unbalanced Growth Strategies, Environmental impact of economic growth, Understanding Your Community’s Economic Base, Policies for Economic Development, Guiding policies to promote economic growth and development, Economic Development Strategies, Some Economic Development Strategies, What is an Economic Development Plan, Who Leads Economic Development Planning, What Should an Economic Development Plan Include, What is an Economic Development Practitioner, Who is Responsible for Economic Development work, What is an Economic Development Organization, Foundation for Successful Economic Development, Economic Development Planning: Where To Start, What Model Should I Use For My Plan, Economic Development Models and Economic Development Status of Bangladesh etc. issues.

Economic Development
Fundamentals of Economic Development

Hope this whole discussion on the Fundamentals of Economic Development will give us a clear view of economic development and how it could be used for the welfare of the mass population of a nation.


Developing Bangladesh 

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