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ECODEV1

Economic development focuses on improving a community's economic well-being and quality of life through investment, infrastructure, human development, and resource utilization. It offers benefits such as better wages, business retention, and improved living standards, while its historical roots trace back to post-war reconstruction efforts. Key goals include economic growth, security, equity, and access to resources, ensuring equal opportunities and stable prices.

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2 views3 pages

ECODEV1

Economic development focuses on improving a community's economic well-being and quality of life through investment, infrastructure, human development, and resource utilization. It offers benefits such as better wages, business retention, and improved living standards, while its historical roots trace back to post-war reconstruction efforts. Key goals include economic growth, security, equity, and access to resources, ensuring equal opportunities and stable prices.

Uploaded by

namibooks4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ECONOMIC DEVELOPMENT

PRELIM PERIOD:

ECONOMIC DEVELOPMENT
Introduction:

 Economic development is the process of improving a


community's economic well-being and quality of life.
It involves creating wealth, which is reflected in the standard of
living and education of a society.

 How does economic development occur?


 Investment:
 Private sector investment in free market economies, or
government investment in command economies
 Infrastructure development:
Improving physical capital like factories, machinery, and
roadways
 Human development:
Improving people's opportunities, freedoms, and well-being
 Natural resource utilization:
Using natural resources like mineral deposits in a planned way
 Community development:
Repositioning local resources to attract capital and build wealth

 What are the benefits of economic development?


 Better wages and benefits
 Economic development can lead to better wages, benefits, and
opportunities for advancement
 Business retention
 Businesses feel appreciated by the community and are more
likely to stay, contributing to the economy
 Improved quality of life
 Economic development can improve the standard of living and
education of a society

 HISTORY:
Economic development originated in the post-war period of
reconstruction initiated by the United States.
In 1949, during his inaugural speech, President Harry Truman
identified the development of undeveloped areas as a priority for
the West:

"More than half the people of the world are living in conditions
approaching misery.
Their food is inadequate, they are victims of the disease.
Their economic life is primitive and stagnant.
Their poverty is a handicap and a threat both to them and to more
prosperous areas.
For the first time in history, humanity possesses the knowledge and
the skill to relieve the suffering of these people...

I believe that we should make available to peace-loving


people the benefits of our store of technical knowledge to help them
realize their aspirations for a better life…
What we envisage is a program of development based on the
concepts of democratic fair dealing ... Greater production is the key
to prosperity and peace.
And the key to greater production is a wider and more vigorous
application of modem scientific and technical knowledge."

 Economic development goals


 economic growth,
 economic security,
 economic equity, and more.

 Economic growth
 Job creation:
Economic growth can help create more jobs
 Higher quality products:
Economic growth can help produce higher quality products
 Higher living standards:
Economic growth can help raise the standard of living for people

 Economic security
Protection from layoffs:
 Economic security can help protect people from layoffs and
illnesses
 Access to goods and services:
Economic security can help ensure people have access to goods and
services like employment, healthcare, and housing

 Economic equity
Equal opportunities:
 Economic equity can help ensure everyone has equal
opportunities to succeed
 Equal share of resources:
Economic equity can help ensure everyone has an equal
share of resources

 Other economic development goals


 Full employment
 Economic development goals can include ensuring everyone has
equal access to job opportunities
 Price stability
 Economic development goals can include ensuring the general
level of prices is stable
 Affordable and clean energy
 Economic development goals can include ensuring people have
access to affordable and clean energy
 Decent work
 Economic development goals can include ensuring people have
access to quality employment with fair wages and safe working
conditions
 Industry, innovation, and infrastructure
 Economic development goals can include investing in
infrastructure and innovation to drive economic growth

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