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Economic development is the process of improving the quality of life of a nation, region or community. This typically involves objectives such as social well-being, economic growth and sustainability. The following are common types of economic development.
Foundational services that improve the efficiency of an economy such as an internet backbone.Institutions, systems, tools and facilities that support the acquisition of knowledge and skills.Health & WellnessHealthcare such as hospitals and wellness programs such as after-school sports programs.
JusticeAn 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.SafetyThe 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 RightsPrinciples 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.Regulating the quality, commercial terms and safety of products and services. For example, a system that ensures that food products are safe and healthy.Bodies that ensure free competition to prevent anti-competitive practices that inhibit the efficiency of markets.
Markets for securities, assets, goods and services that are fair, efficient and liquid.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 StabilityA fair system of politics such that a population has trust in its leaders and administrators and feel that things are always getting better.
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.A transportation system that is accessible and efficient in terms of both time and money.
EnergyA system of energy production and distribution that provides ample energy without polluting the environment.Infrastructure that provides a region with water security such as infrastructure for groundwater recharge.FoodFood security such as a region that grows much of its own food including a diversity of crops.Technology companies, IT infrastructure and a significant pool of people who are knowledgeable about technology such as software developers and architects.ResearchResearch and related things such as science facilities, universities and a space program.Industrial BaseA developed industrial sector with capabilities to manufacture a significant variety of complex products.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.A shift to jobs that require and produce significant knowledge such as medical research or software development.Products and services that compete at the level of customer experience such as a video game or resort hotel.Public space such as a city filled with pleasant blue and green spaces.CommunityElements 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 & ResilienceA 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.|
| Type | | | Definition | The process of improving the quality of life of a nation, region or community. | | Related Concepts | |
Economics
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