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About Economic Development:
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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.
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The Definition of Economic Development Collection:
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about the collection

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Economic development is about
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). 
spacer operative word / phrase: community
spacer related: jobs; community; economic developers; finance; politics; real estate

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Economic development is about
the process by which a community creates, retains, and reinvests wealth and improves the quality of life (source of quote).
spacer operative word / phrase: quality of life
spacer related: process; community; wealth; quality of life

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Economic development is about
creation of jobs and wealth, and the improvement of quality of life (source of quote).
spacer operative word / phrase: job creation
spacer related: economy; local economy; job creation; wealth building; growth

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Economic development is about
the process of promoting, initiating, supporting, and/or facilitating the creation of wealth and employment opportunities (source of quote).
spacer operative word / phrase: wealth creation
spacer related: wealth building; job creation; economic development marketing

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Economic development is about
any effort or undertaking which aids in the growth of the economy (source of quote)
spacer operative word / phrase: growth of the economy
spacer related: economy; international; national; regional; local; growth

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Economic development is about
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)
spacer operative word / phrase: tax base
spacer related: tax; tax funds; taxing authority; tax incentives; countries; regions

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Economic development is
fundamentally about enhancing the factors of productive capacity—land, labor, capital, and technology - of a national, state or local economy (source of quote).
spacer operative word / phrase: productive capacity
spacer related: productivity; production; land; labor; capital; technology; economy

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Economic development is about
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).
spacer operative word / phrase: increase in industrial production
spacer related: industrial development; socioeconomic development; productivity

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Economic development is about
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)
spacer operative word / phrase: economic development programs
spacer related: industrial economy; Joseph Schumpeter; rural development; capital

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Economic development is about
increasing the flow of capital through the community and reducing its leakage (source of quote)
spacer operative word / phrase: increasing flow, reducing leakage
spacer related: capital

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Economic development is about
a collaborative process (source of quote)
spacer operative word / phrase: collaboraive
spacer related: business networking; ally network; targets; leads; suspects; prospects

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Economic development is about
x
spacer operative word / phrase: x
spacer related: x

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Economic development is about
stabilization, retention or expansion of the economic base and quality employment opportunities (source of quote)
spacer operative word / phrase: stabilization, retention, expansion
spacer related: economy; economic base; quality employment; on-the-job; labor force

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Economic development is about
efforts to increase employment opportunities by getting new businesses to relocate in a community or existing businesses to expand (source of quote).
spacer operative word / phrase: relocating or expanding
spacer related: enterprise development, site selection, relocation, expansion

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Economic development is about
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).
spacer operative word / phrase: growth and restructuring
spacer related: basic economy; human capital; financial capital; resources

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Economic development is about
(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).
spacer operative word / phrase: marketing
spacer related: economic development practitioner; economic development marketing

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About Economic Development

You are using a share network. It has informational resources that .network users have suggested, asked about or commented on through the years. We (who we are) are continuously updating and adding to what you find, and getting of rid of what is no longer applicable to the .network mission. This particular resource (this page) is provided by our Enterprise & Economic Development Library. You are invited to contact us with your suggestions and comments, or if you want search assistance.

An brief overview of economic development is at the top of this page, followed by a collection of definitions of definitions of the the process as well at its practice. You review of the two two resources and utilization of the links provided should make for an easy understanding of economic development basics; i.e., answering the question: What is economic development all about? The Google/.network search engine is provided below. And, below that are notes that you link to from the collection of economic development definitions.

You are invited to contact us with suggestions and comments, or to request assistance.

CLICK HERE to access the library HELP DESK.
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Notes: Collection of Economic Development Definitions (access collection)
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Greg Last, Director of Economic Development, Southlake, TX published A Summary of Economic Development Terms in 2004. The Eastland Economic Development Corporation, Eastland, TX, has a copy of the summary at its website. Last published a second edition of his summary in 2007. It is now available at the Southlake website. The quoted source in the .network collection of definitions of economic development was at one time attributed to http://edi.ou.edu/ED_TermsGlossary.pdf but that was broken at last check. In all of these, the first part of the quote was taken from a 1984 publication of the American Economic Development Council (AEDC), titled Economic Development Today: A Report to the Profession. To see the Enterprise and Economic Development Glossary definition of economic development, CLICK HERE.

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The American Economic Development Council published Economic Development Today: A Report to the Profession in 1984. It stated that economic development is the process of creating wealth through the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services. The economic developer's role is to influence the process for the benefit of the community through expanding job opportunities and the tax base. (The part of the quote that is a definition of economic development is published online in A Summary of Economic Development Terms.)

The definition of economic development was reaffirmed in an 1991 AEDC publication titled Economic Development Tomorrow. The part of the quote from the 1984 publication identifying the role of the economic developer was added to by the observation that the entire set of approaches to economic development practice may be considered a specialized form of marketing (source of quote: Ronald J. Swager).

AEDC and the Council for Urban Economic Development (CUED) were merged to form the International Economic Development Council in 2001. Page up to the IEDC definition of economic development. Also see an answer to the question once asked by a .network user: Is there an official definition of economic development?

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University of Oklahoma / Economic Development Institute, Norman, OK

 
 
 
Economic Development Services, Inc. / copyrights and all rights reserved / 11/18/2012