Infrastructure
Foundational services that improve the efficiency of an economy such as an internet backbone.Education
Institutions, systems, tools and facilities that support the acquisition of knowledge and skills.Health & Wellness
Healthcare such as hospitals and wellness programs such as after-school sports programs.Justice
An open and fair system of law provided by law enforcement, administrative bodies, courts and other systems such as a human rights tribunal. Fairness is key, a justice system that isn't perceived as fair can hinder economic development.Safety
The systems that make people feel they live in a safe and stable environment including areas such as crime prevention, disaster preparedness and information security.Human Rights
Principles and frameworks that guarantee human rights such that people are free to pursue happiness. For example, a constitution that is upheld by the branches of government.Consumer Protection
Regulating the quality, commercial terms and safety of products and services. For example, a system that ensures that food products are safe and healthy.Fair Competition
Bodies that ensure free competition to prevent anti-competitive practices that inhibit the efficiency of markets.Markets
Markets for securities, assets, goods and services that are fair, efficient and liquid.Finance
Stable, reputable and efficient financial institutions and systems. For example, a nation where it is easy to get a loan when you are reasonably likely to pay it back.Political Stability
A fair system of politics such that a population has trust in its leaders and administrators and feel that things are always getting better.Culture
Preservation of the things that people value such as architecture, art, performance art, literature, festivals, rituals and pastimes. Support for creative pursuits and cultural industries.Transportation
A transportation system that is accessible and efficient in terms of both time and money.Energy
A system of energy production and distribution that provides ample energy without polluting the environment.Water
Infrastructure that provides a region with water security such as infrastructure for groundwater recharge.Food
Food security such as a region that grows much of its own food including a diversity of crops.Information Technology
Technology companies, IT infrastructure and a significant pool of people who are knowledgeable about technology such as software developers and architects.Research
Research and related things such as science facilities, universities and a space program.Industrial Base
A developed industrial sector with capabilities to manufacture a significant variety of complex products.Service Economy
Developed economies are undergoing a shift whereby services are an increasingly large component of economic output. As such, the transition from an industrial economy to a service economy can be viewed as a modern form of economic development.Knowledge Economy
A shift to jobs that require and produce significant knowledge such as medical research or software development.Experience Economy
Products and services that compete at the level of customer experience such as a video game or resort hotel.Public Space
Public space such as a city filled with pleasant blue and green spaces.Community
Elements of a nation or city that create a shared experience such that people identify with each other and don't become isolated. For example, a popular local sports team that draws locals together.Sustainability & Resilience
A nation that has systems and practices designed to endure time and stresses. For example, industries that don't create harmful waste or consume excessive resources.| Overview: Economic Development | ||
Type | ||
Definition | The process of improving the quality of life of a nation, region or community. | |
Related Concepts | ||
