Definitions for economic development
This page provides all possible meanings and translations of the word economic development
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out: “economic growth is one aspect of the process of economic development.”
U.S. National Library of Medicine
Mobilization of human, financial, capital, physical and or natural resources to generate goods and services.
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"economic development." Definitions.net. STANDS4 LLC, 2015. Web. 26 Mar. 2015. <http://www.definitions.net/definition/economic development>.