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We (who we are) like what one pundit, Stewart Perry, had to say:
(Economic development) .… can be a specifically undertaken activity, the same intended consequences might also take place spontaneously, without any deliberate efforts to achieve them. However, the fact that desired improvements do not often appear spontaneously is the reason that the deliberate practice of economic development has arisen (source of quote).
We might add that the process comes to fruition in locations throughout the world.
Looking back over time, it seems obvious that the economic development process must have begun spontaneously with the settling of the first community to spawn a basic economy. Although that original location identity is now lost in history, the point is made by a scenario titled Enterprise and Economic Development—A Beginning.
The Industrial Revolution is a focal point in economic development history. Industrial development began with industrial revolutions around the world at different points in time.
An influential economist and political scientist of the 20th century, Joseph Schumpeter (1883-1950) brought economic development into the picture with publication of The Theory of Economic Development in 1912. Schumpeter coined the term.
Schumpeter's theory and its subsequent alterations and refinements brought entrepreneurship to the forefront in terms of its contribution to economic development.
In Schumpeter’s view, the entrepreneur is the driving
force of all economic transformation under capitalism (source of quote)
Entrepreneurs are enterprise developers—the page header above is linked to a definition of enterprise and economic development. Entrepreneurs are members of the .network core user group along with various other types of enterprise developers. It's our view that the enterprise developer is the driving force of the most desirable opportunities available for locations seeking economic development.
Understanding the fundamentals of economic development begins with knowing its definition. The best definition of economic development is one put together by a community, expressing the wants and needs of its citizens within bounds of what is practical to achieve and guiding those who can find and pursue its opportunities.
This bit of information about economic development continues as a collection of a number definitions and quotes that altogether provide the operative words and phrases threaded throughout the plethora that exist. Each item in the collection a pertinent operative word or phrase extracted, highlighted, and linked. Links take you to information in the Enterprise and Economic Development Library or to definitions in the Enterprise and Economic Development Glossary. The glossary is a learning tool.
The Definition of Economic Development Collection:
about the collection
Economic development is about …
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jobs, income, and community prosperity—is a continuing challenge to modern society. To meet this challenge, economic developers must use imagination and common sense, coupled with the tools of public and private finance, politics, planning, micro- and macroeconomics, engineering, and real estate (source of quote). |
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operative word / phrase: community |
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related: jobs; community; economic developers; finance; politics; real estate |
Economic development is about …
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the process by which a community creates, retains, and reinvests wealth and improves the quality of life (source of quote). |
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operative word / phrase: quality of life |
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related: process; community; wealth; quality of life |
Economic development is about …
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creation of jobs and wealth, and the improvement of quality of life (source of quote). |
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operative word / phrase: job creation |
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related: economy; local economy; job creation; wealth building; growth |
Economic development is about …
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the process of promoting, initiating, supporting, and/or facilitating the creation of wealth and employment opportunities (source of quote). |
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operative word / phrase: wealth creation |
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related: wealth building; job creation; economic development marketing |
Economic development is about …
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any effort or undertaking which aids in the growth of the economy (source of quote) |
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operative word / phrase: growth of the economy |
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related: economy; international; national; regional; local; growth |
Economic development is about …
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the development of economic wealth of countries or regions for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base (source of quote) |
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operative word / phrase: tax base |
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related: tax; tax funds; taxing authority; tax incentives; countries; regions |
Economic development is …
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fundamentally about enhancing the factors of productive capacity—land, labor, capital, and technology - of a national, state or local economy (source of quote). |
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operative word / phrase: productive capacity |
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related: productivity; production; land; labor; capital; technology; economy |
Economic development is about …
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process of raising the level of prosperity and material living in a society through increasing the productivity and efficiency of its economy. In less industrialized regions, this process is believed to be achieved by an increase in industrial production and a relative decline in the importance of agricultural production. (source of quote). |
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operative word / phrase: increase in industrial production |
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related: industrial development; socioeconomic development; productivity |
Economic development is about …
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process whereby simple, low-income national economies are transformed into modern industrial economies. Theories of economic development — the evolution of poor countries dependent on agriculture or resource extraction into prosperous countries with diversified economies—are of critical importance to Third World nations. Economic development projects have typically involved large capital investments in infrastructure (roads, irrigation networks, etc.), industry, education, and financial institutions. More recently, the realization that creating capital-intensive industrial sectors provides only limited employment and can disrupt the rest of the economy has led to smaller-scale economic development programs that aim to utilize the specific resources and natural advantages of developing countries and to avoid disruption of their social and economic structures (source of quote) |
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operative word / phrase: economic development programs |
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related: industrial economy; Joseph Schumpeter; rural development; capital |
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Economic development is about …
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increasing the flow of capital through the community and reducing its leakage (source of quote) |
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operative word / phrase: increasing flow, reducing leakage |
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related: capital |
Economic development is about …
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a collaborative process (source of quote) |
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operative word / phrase: collaboraive |
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related: business networking; ally network; targets; leads; suspects; prospects |
Economic development is about …
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x |
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operative word / phrase: x |
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related: x |
Economic development is about …
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stabilization, retention or expansion of the economic base and quality employment opportunities (source of quote) |
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operative word / phrase: stabilization, retention, expansion |
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related: economy; economic base; quality employment; on-the-job; labor force |
Economic development is about …
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efforts to increase employment opportunities by getting new businesses to relocate in a community or existing businesses to expand (source of quote). |
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operative word / phrase: relocating or expanding |
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related: enterprise development, site selection, relocation, expansion |
Economic development is about …
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the process of creating wealth through the mobilization of human, financial, capital, physical, and natural resources to generate marketable goods and services. … The purposeful intervention into an economy to improve economic well-being; The process that influences growth and restructuring of an economy to enhance the economic well being of a community; The creation of jobs and wealth, and the improvement of quality of life (source of quote). |
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operative word / phrase: growth and restructuring |
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related: basic economy; human capital; financial capital; resources |
Economic development is about …
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(development representatives working at the national, regional, and local levels are guided by an observation that the) entire set of approaches to economic development practice may be considered a specialized form of marketing (source of quote). |
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operative word / phrase: marketing |
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related: economic development practitioner; economic development marketing |
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