Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” Like we said, it’s a broad scope.
But this definition doesn’t tell us much about the nuts and bolts of economic development and how it can effect change in a positive way on a big scale.
Because the scope is so broad, it can be difficult to discern what the tangible goals of economic development are. Amy Liu, writing for the Brookings Institute, argues that the goal for economic development should be “to put a region on a path to higher growth by improving the productivity of firms and people in ways that leads to better incomes and living standards for all.”
The end game of economic development is not just growing the economy, but growing it in a way that improves the quality of life for everyone in the region.
Rather than projects benefitting a few investors, a successful economic development project would benefit investors, companies and people in need of economic relief. By doing so, there is also a positive effect on the region and indirectly business and citizens who live there.
This means a focus on innovation, skills and infrastructure, as well as overall economic growth.
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