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 ?
This means designing where and how economic development efforts will be focused and implemented," based on community values, needs, strengths, and weaknesses.
During the workshop, economic development officials heard from Douglas Athas, councilmember, Garland, Texas; Lenny Eliason, county commissioner, Athens, Ohio; and Ed Peterson, councilmember, Lakewood, Colo.
Having the enterprise zone in that area has enabled other businesses to make a decision to locate there, which creates jobs for the people who live there,'' said Warren Cooley, director of economic development for the Valley Economic Development Center.
The IEDC was created in 2001 when the Council for Urban Economic Development and the American Economic Development Council merged.
If an institution wants state support for its initiatives, it has to base its case on a measure of what the state's citizens want and need for solid economic development.
The community-based organization already had some experience with local economic development issues.
Rick just doesn't have all the marbles he needs to drive northern economic development.
EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the U.
But while the benefits of economic development are clear, too often when we as business leaders think about it, I'm reminded of Mark Twain's famous observation that "everyone talks about the weather', but nobody does anything about it.
The irony of the NAFTA-signing, free-market-loving Democrat talking about poverty relief and economic development was likely not lost on most of the downsized, laid-off, or otherwise unemployed citizens of Appalachia who came to hear Clinton speak.
Oklahoma's new wave of outright cash incentives for economic development is complemented by an array of more conventional tax incentives and other economic development programs.
Professional technical assistance programs and opportunities are available on college and university campuses nationwide, and new programs continue to emerge to assist entrepreneurs to meet contemporary economic development needs.

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