Economic development is the concept of increasing the standard of living as well as the economic health of a region. Most often it concerns the actions of policy makers that are aimed towards the economic improvement. Though most of the times common people feel that they have no influence on the overall economic transformations, that is not exactly true. We are all part of an economic mechanism and each of our actions count. However, a person’s strength can rarely manifest itself individually, whereas when we work as a community we can achieve great things. Economy is a major part of our life and it is time that we learned how to support it.
The first thing you need to understand is that economy’s development is different from its growth. Whereas the development is focused towards the people, the growth is only concerned with economic indicators. Economic development can be applied to various areas of a region or community such as infrastructure, sustainability, literacy and many more. Basically all of the actions that are aimed towards a region’s evolution.
As we already established, an important role in a community’s economic development is played by the policy makers. In order for the economy to evolve within a certain area, there has to be a proper economic environment. For example, a rural space can be improved in two ways. Either by local economy or by foreign investors. In order for an area to improve on its own, it is necessary for the proper authorities to be opened to business initiatives and provide funding for the productive ones. Supporting new entrepreneurs is essential in order to maintain a competitive market. Furthermore, in order to attract foreign investors, a region must have small business taxes.
In lack of support from policy makers, a community can have a hard time developing. A key ingredient in succeeding is being involved in community events and building strong relationships between the members of the community. For example, universities can organize events in which the business faculty staff can offer support for young entrepreneurs. Another important step for economic development is learning to live sustainable lives. Furthermore always choosing local products and services can help local businesses develop which means more jobs for the members of the community.
Education is perhaps the most important element of economy’s development. Aside from what we learn in school we must constantly improve ourselves in order to be able to build a better world for ourselves.
