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ECN 4310 Economic Development

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Economic development means different things to different people. Generally speaking, anything the community does to promote and build a healthy economy can be eligible for economic development support. Today's economic development professionals are working harder than ever to define their areas to make decision-makers, the public, and others more specific and visible. There can be as many definitions of economic development as people are practising it. The following is the definition given by the Economic Development Guidelines:

From a social point of view, local economic development includes allocating limited resources - land, labour, capital and entrepreneurship, which positively affects business activity, employment, income distribution and financial solvency.

It is the process of deliberately interfering with average economic growth, making it easier or more attractive. Today, California communities are looking at what they can do to promote financial stability and more significant economic development.

Economic development is a concerted effort by responsible leading agencies in a city or county to influence the direction of private sector investment that can create opportunities for sustainable economic growth. Sustained economic growth can provide sufficient income for the local workforce, provide employers with profitable business opportunities, and provide taxes on infrastructure maintenance to support this continued growth. Aside from private sector investment as an economic growth engine, there are no other options. Still, there are many initiatives you can support to stimulate investment in areas where investment is most needed by society.

It is essential to know that economic development is not community development. Community development is the process of making a community better to live and work. Economic development is solely about creating wealth created by the interests of society. There are only three methods that can be used to stimulate local economic development.

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