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.
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.
Fundamentals of Economic Development (Episode – 1/10)
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
Fundamentals of Economic Development (Episode -2/10)
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
Fundamentals of Economic Development (Episode – 3/10)
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.
Fundamentals of Economic Development (Episode -4/10): https://youtu.be/2WDifwOCdrQ
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).