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Economic
development has many definitions. The ones selected for publication below
altogether contain the essential keywords for making up a single universal
definition Economic
Development in the Enterprise
and Economic Development Library shows the keywords
and phrases extracted from our (who
we are) collection. Also, you may be interested
in our
answer to the question of where to find
an official definition.
What is the definition of ...
economic development:
... refers
to the deliberate effort to improve the economy of a specified geographic area,
which can be as large as an entire nation-state or as limited as a city
neighborhood. Stating that it is a process, the source points out that
it's a challenge put measures in place that would indicate whether or to what
degree improvement take place in a location.
The source notes that economic development may be an activity specifically
undertaken but that ... the
same intended consequences might also take place spontaneously, without any
deliberate efforts to achieve them ... and attributes
the existence of the practice of economic development to the observation
that what locations desire don't often spontaneously appear.
economic development:
... the thrifty use of
resources, materials, wealth and labor (in a location).
economic development:
... Economic development refers to a
sustainable increase in living standards. It implies increased
per capita income, better education and health as well as
environmental protection (source
page). Note that the blog providing this definition of economic
development is identified with a name that appears to relate
it to Joseph
A. Schumpeter (1883-1950) see
the answer
to the question of who coined the expression, economic
development.
economic development:
... any effort or undertaking which
aids in the growth of the economymore.
economic development:
... the process of creating wealth
through the mobilization of human, financial, capital,
physical and natural resources to generate marketable
goods and services. The (practitioner's) role
is to influence the process for the benefit of the community through
expanding job opportunities and the tax baseAEDC/1984. After
publishing the definition the American Economic Development
Council later reaffirmed it,
adding that practitioners are
essentially involved in a specialized form of marketingresource
file.
economic development:
... (is about) jobs,
income, and
community prosperityis
a continuing challenge to modern societymore
of the quote from the aims and scope of its source.
economic development:
... is fundamentally about enhancing
the factors of productive capacityland,
labor, capital, and technology - of a national, state
or local economymore.
economic development:
... can be "described" by
objectives of which the most common are the ... creation
of jobs and wealth, and the improvement of quality of life.
Economic development can also be described as a process
that influences growth and restructuring of an economy
to enhance the economic well being of a community.
economic development:
... efforts to increase employment
opportunities by getting new businesses to relocate in
a community or
existing businesses to expand. It differs from job development
in the sense that it seeks to in-crease the pool of available
work rather than soliciting employers to post openings
for jobs that already exist.
economic development:
... on the international
level has been defined as a (growth process) ... whereby countries
raise incomes per capita and become industrialized ...
economic development:
... (is a) 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.
economic development:
... (is) actions taken to
improve the ability of people to more productively
use
capital and natural and human resources in the
production of goods and servicesmore.
economic development:
... (is) the process of promoting, initiating,
supporting, and/or facilitating the creation of wealth
and employment opportunities.
economic development:
... (is) a rise in real income
per person; usually associated with new technology
that
increases
productivity or resources. This definition
of economic development is one of several found
in a glossary that was one time available online, but
no more.
economic development:
... (is) the stabilization, retention
or expansion of the economic base and quality employment opportunities.
economic development:
... ( is increasing the
flow) of capital through
the community and
reducing its leakage.
economic development:
... is 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. (more from Wikipedia)
economic development:
... The adopted AEDC
definition was "the
process of creating wealth through the mobilization of
human, financial, capital, physical, and natural resources
to generate marketable goods and services.” Other definitions
include: 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.
economic development:
... the
growth experience
within
a development
economy which is brought about by the startup, expansion or productivity improvement
of enterprises;
therefore, the term enterprise
and economic development is applicable to the .network mission
statement.
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About
Economic Development, page
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http://www.eda.gov/Research/EcoDev.xml#Defining was where the original USEDA definition
of economic development was found. At last check the URL
address string produced a file-not-found message.
Apparently the replacement definition quotes Harvard Professor Michael E. Porter
who in The Competitive Advantage of Nations, 1990, stated that
(economic development is a) ... long-term process of building a number of
interdependent microeconomic capabilities and incentives to support more
advanced forms of competition ... EDA
source
Search the Web for ... Competitive Advantage of Nations and other keywords.
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Elledge points out in an
online resource paper that the
quote is his favorite definition of economic
development. He also indicates that a traditional
format for defining economic development would likely
include a reference to involvement
with ... some sort of a lending
program. Elledge's paper also mentions political
involvement by pointing out that ... politicians
support “it”see
comments under the last acknowledgement on this page.
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URL
address string www.johnwiley.com.au/highered/eco2e/macro/lect-res/glossary.html
is no longer functional; however, two
words in the quote, industrialization and countries,
are worth dwelling on and offering related links. For example, industrialization
is a prompt for pointing
out that Industrial
development is a term used in many locations around
the world and is often interchangeable with economic
development. Also, it may be worthwhile to point out that The
Network is
as much a global industrial development directory as it is
an economic
development directory. The first thing you see when you enter
the Area Development section of Economic
Development.net is a
list of countries.
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Several quotes from emails sent to The Network by Blane
Canada Ltd are published in its
websites.
Links were established to the consulting firm's newsletter archive at the
time the quotes were first published but they are now seemingly
dead ends,
i.e., the links are broken. Look in the Global
Registry of Contacts under Wheaton,
IL for the consultant's listing.
One Blane Canada email answered the question of what economic development
by stating that it is a process of increasing the flow of capital through
a community while
making an effort to keep it there (the actual quote).
The rest of the answer to the question stated ... Other
definitions are only pretenders to the crown. It then went on to pose
the question: ... What have you done for your community
today?The
Network has
an answer.
Economic
development practitioners don't create the communities in which people are able to live, work, and share things in common. They
make communities economically viable and sustainable by effecting opportunities
for entrepreneurship and job
creation, by helping to increase
local wealth and
distribute imported capital.
In other words, practitioners make the
processes
of enterprise
and economic development work better in the places they
represent.
Nancy Blane of
Wheaton, IL once paraphrased the following BASF
promotional phrase: We don't make a
lot of the products you buy.
We
make a lot
of the products you buy better! Her paraphrase envisioned communities made
better through attraction, retention, expansion and
investment. Taking
a cue from Blane we(who we are) came up with the above
paragraph to help explain
what area
and local development representatives do. Our explanation is
just one way to define economic developer.
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The quote is the definition
of economic development as an element of a planning process based
on the Guide
to Community Planning in Wisconsin by Brian W. Ohm.
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Additional definitions of economic development available in the resource
paper, Material
Efficiency and the work of the Wuppertal Institute, by Holger Wallbaum:
(1) Economic development is the ... qualitative improvement
of the economic subsystem of society that is concerned with the production,
consumption and distribution of goods and services to meet human needs;
(2) ... process of improving the quality of human life through increasing per
capita income, reducing poverty, and enhancing individual economic opportunities.
It is also sometimes defined to include better education, improved health
and nutrition, conservation of natural resources, a cleaner environment,
and a richer cultural life; and, (3) ... Organized
efforts to attract new business into an area or to encourage existing business
to expand.
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Glossary: http://www.indiana.edu/~ipe/glossry.html
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Glossary: www.whitehall.k12.mi.us/curriculum/socialstudies/glossaryofterms.htm.
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Quote is from a glossary which defines job development as well as economic
development: www.cdr.state.tx.us/Researchers/Automated/FieldGuide/glossary.html
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Glossary E-page: www.npgoodpractice.org/Glossary/Default.aspx?index=E
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Acknowledgement: Don
Iannone of Cleveland, Ohio at one time published several online answers
to the question of how to define economic development. There are (1),
(2), (3) definitions on this page also
found
in his blog. Iannone interviewed an economic
development marketing guru and published the observation
that the practice of economic development, at its best, requires
political savviness. Perhaps there ought to be more information available
about politics and economic development for sophomoric practitioners.
If interested, see the list
of keyword search suggestions in the .network library.
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This is page 2 in a series ... a collection of definitions of economic development
put together after a user
of The Network ask where to find an official answer
to the question: What is economic development? We (who
we are) investigated its
roots. We found that ...
before economic development, there was industrial
development. One could say the economic development is a product
of industrial
revolution. The first two paragraphs
of Tourism
as Economic Development: A Brief Guide for Communities and Enterprise
Developers describe a process that is economic development.
The resource paper's third paragraph is a snapshot
of industrial development. The beginning of economic development
as a process that has practitioners in place as area
and local representatives can be pin pointed at the time of
the the
invention of the site selection consultant. The mention of site
location work is noteworthy because it
ties economic development to a place.
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