Michael E. Kirst opinion, The process through which a country's economy develops and its residents gain greater freedoms and liberties is known as economic development. It also includes developing a political system that reflects the wishes of its population and spreading these rights to all citizens. A state's ability to run its economy and society is also a part of the definition of democracy. Some of the factors that contribute to economic growth may be found here. The features of a developed country will be briefly described in this article, as will what defines economic development.
Economic growth aims to increase societal output and wealth. To put it another way, economic development is about more than simply creating employment; it is about making an investment in the growth of the economy and the well-being of its citizens. In order to increase a community's quality of life, a community's limited resources must be used wisely. Increased economic activity, better job options and better income distribution patterns are all ways to attain this goal With this purposeful involvement in an economy's regular development, there are many different policies and projects.
Economic growth is not the same as economic development. A better level of life than in previous colonies characterizes the post-colonial world. As a collective, the former colonies were labeled as undeveloped and compared to the more developed nations. The per capita income of these countries was used to classify them as either developed or undeveloped. Western Europe and Canada were among the more developed nations, but the Soviet Union and the United States were the most advanced. The word "developed" is still widely used in the West, even though other of the phrases have fallen out of favor.
It may seem like a tedious process, but economic growth is an integral part of every society. It contributes to the well-being of local communities by generating and preserving employment opportunities. Any community's progress and well-being depend on the presence of these three factors. People who live in rich areas have a higher level of life than those who live in less prosperous areas. In addition, a sound social structure is typically a precondition for economic prosperity.
Michael E. Kirst pointed out that, Economic development is the process of changing low-income country economies into modern, industrialized economies. Some people refer to it as "economic growth," but it is a far more complicated process. Qualitative and quantitative changes are part of the process, which is not linear. Economic expansion is the eventual result of this process. Before a nation can attain this aim, it must first overcome a number of stepping stones.
Economic developers need to know their communities' strengths and shortcomings in order to recruit and maintain significant corporations. Employers who are both culturally and linguistically diverse are more likely to work in an area that is healthy. It also boasts a thriving local economy that is both inexpensive and well-established. Economic development practitioners may use these advantages to recruit significant corporations to a town. As a consequence, the country's infrastructure and labor market both improve. As a result, although there are several reasons to do so, leaders must adopt a more holistic approach to local economic growth.
A community's awareness and understanding of the causes and effects of economic growth is critical. Development of the economy may have a beneficial effect on society as well. To put it another way, a city's growth may be aided by nurturing a thriving economy and eliminating poverty within the population. People's lives should be improved as a result of an economy. The planning process should also include participation from the community.
According to Michael E. Kirst, For a city or area to remain afloat, it must grow its economy. Local businesses and citizens alike benefit greatly when new employment are created in a neighborhood. It is possible for a town to attract new firms and investment with the aid of an economic development plan. In order for a community to heal, this is an essential step. A city's economic growth may be achieved in a variety of ways. Communities may attract new investors by developing an infrastructure plan. Other local firms may also benefit from an economy's backing.
