economic development


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Fig. 51 Economic development. The income per head and economic structure for selected countries, 2002. Source: World Development Report , World Bank, 2004.

economic development

a process of economic transition involving the structural transformation of an economy through INDUSTRIALIZATION and a raising of GROSS NATIONAL PRODUCT and INCOME PER HEAD.

Generally speaking, DEVELOPING COUNTRIES are characterized by subsistence primary production (mainly agriculture) and low levels of income per head; DEVELOPED COUNTRIES are characterized by large manufacturing and service sectors and high levels of income per head.

Capital INVESTMENT is a significant factor in the transformation process. Investment not only enlarges an economy's capacity to produce goods and services and raises the PRODUCTIVITY of resources but also, via multiplier effects, increases aggregate demand and national income. An increase in national income raises the level of savings, reby providing the finance for further capital accumulation. See DEMOGRAPHIC TRANSITION, STRUCTURE OF INDUSTRY, ECONOMIC AID.

References in periodicals archive ?
The Economic Development Partnership of Montgomery County will receive $2,500 from Entergy Mississippi for roof repairs on the former methanol/ethanol plant in the county's industrial park.
MEDC is a professional association of economic development, chambers and associated stakeholders who work together to advance the profession and to advance economic development efforts in Mississippi through advocacy, collaboration, education and by providing resources to its members.
"What You Should Know 2.0: Elected Leaders and Economic Development," a report from the National League of Cities and the International Economic Development Council, breaks down the process of local government economic development in easily understood chunks, which provides a good basic primer for finance officers, as well.
FED Forum, which has run for the past 20 years, is the only comprehensive federal economic development annual event.
The future of the state economic development tools championed by former Gov.
a strong community with business leaders and economic development experts who are proud of our city and it's heritage," he said.
It is becoming clear that the traditional economic development notion of chasing new industry to come to an area is giving way to the realization that entrepreneurship is a vital part of economic growth (Baumol, 2005: Baumol, 2004; Drabenstott, 2005; Formaini, 2001; Holcombe, 2003; Walzer & Athiyaman, 2007).
Linda Nickel, director of economic development there, said the Sherwood City Council recently voted to do away with her position.
One of the most influential and controversial work, in recent times, on geography and economic development over the long run is that of Diamond (1999).
The town of Waterloo, through the DeKalb County Economic Development Partnership, and the state of Indiana, through the Indiana Economic Development Corp.
New York City Economic Development Corporation issued a Request for Proposals for the sale and redevelopment of the landmark Kingsbridge Armory, a 575,000 s/f building at 29 West Kingsbridge Road in the Kingsbridge Heights section of the Bronx.

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