Economic Development
What
is Economic Development? Economic development identifies the quality of life
the economic well-being of a country, state or local community. Other names often used for economic
development are Industrialization, Modernization or westernization.
One
of the most promising definition was given by Prof. Amartya Sen. In his
definition he said that Economic development
is all about to create freedom
for people and to remove all obstacles to achieve greater freedom. This Greater
freedom enables people to choose their own destiny.
Thus
economic development is the focus of central, state, and local governments to
improve standard of living of the people by creating jobs opportunity, promote
innovation, start-ups and new ideas, the creation of higher wealth, in order to
create better quality and improving standard of life.
Three
main areas of economic development are:
- Governments
planning, policies and strategies to achieve big economic objectives like
economic development and job creation.
- Focus
on infrastructure development like construction of highways, community services
like park, hospitals, schools, colleges, public libraries crime prevention
initiatives etc.
- Retention,
extension and diversification of business and industry through workforce
development and to improve their skills and education.
- Development
of small scale industries and to promote innovations and start-ups.
Thus
economic development is the process of the creation of wealth in which
community are benefited.
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