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Archive for February 10th, 2017

What Is Economic Development?

Shasta county business license

Those hearing of economic development for the first time often mistakenly equate it with economic growth, which is the increase in an economy?s ability to produce goods and services. While this type of growth is a conditional element of economic development, there are other vital aspects, as well.

Economic Development Defined

Indian economist Amartya Sen provided one of the most widely accepted definitions of economic development. Sen explains that the goal of this type of development is to provide freedom to all people by removing those obstacles that block an individual?s ability to decide their own future. Such obstacles to freedom include poverty, lack of education, incompetent government, corruption, and poor health.

The Human Development Index (HDI)

The United Nat

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