Economics
Funding Economic Development
Funding economic development refers to the allocation of financial resources to support initiatives aimed at improving the economic well-being of a region or country. This funding can come from various sources, including government budgets, international aid, private investment, and public-private partnerships. The goal is to stimulate economic growth, create jobs, and enhance the overall standard of living for the population.
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5 Key excerpts on "Funding Economic Development"
eBook - PDF- B. J. Reed, John W. Swain(Authors)
- 1996(Publication Date)
- SAGE Publications, Inc(Publisher)
Funding for land grant universities, free land for settlers, and advantages to those constructing the rail lines across the country were all conscious efforts to stimulate economic activity on a large scale. Economic development is policy focused and includes activities that remain close to the traditional public activities of government. Provisions of quality public services and regulation of health and safety concerns to provide an environment where economic investment can occur are examples. Economic development also includes indirect activities such as reducing local crime rates 3 3 2 Financing Economic Development • 333 or improving public education. These can have a substantial impact on economic activity, but they do not directly cause specific activity to take place. Economic development policies are concerned with the big picture, whereas economic development finance is project focused. Economic development finance addresses specific situations. It does not refer to macro-level activities to stimulate investment. Actions taken by the Federal Reserve Board, for instance, affect business activity throughout the country and the world. Instead, economic development finance refers to actions taken by public and nonprofit agencies that attempt to stimulate activity by particular businesses or groups of businesses at a micro level. Providing a sewer extension to an industrial park because of an agreement that a specific company will locate in that park is an example of an economic development finance activity. Although economic development finance is an element of a much broader economic development policy, it includes nontraditional functions that focus on direct investment activities. For example, sharing risks has become a standard practice by government. States and localities become business part-ners with firms that need cash to start or to expand their activities.
No longer available |Learn more- (Author)
- 2014(Publication Date)
- Orange Apple(Publisher)
Other sources of information can also be used to demonstrate economic development. These include GVA, Unemployment and Business Data. Regional policy In its broadest sense, policies of economic development encompass three major areas: • Governments undertaking to meet broad economic objectives such as price stability, high employment, and sustainable growth. Such efforts include monetary and fiscal policies, regulation of financial institutions, trade, and tax policies. • Programs that provide infrastructure and services such as highways, parks, affordable housing, crime prevention, and K–12 education. • Job creation and retention through specific efforts in business finance, marketing, neighborhood development, workforce development, small business development, business retention and expansion, technology transfer, and real estate de-velopment. This third category is a primary focus of economic development professionals. ____________________ WORLD TECHNOLOGIES ____________________ Economic developers Economic development, which is thus essentially economics on a social level, has evolved into a professional industry of highly specialized practitioners. The practitioners have two key roles: one is to provide leadership in policy-making, and the other is to administer policy, programs, and projects. Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public-private partnerships organizations that may be partially funded by local, regional, state, or federal tax money. These economic development organizations (EDO's) function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth. There are numerous other organizations whose primary function is not economic development work in partnership with economic developers.
eBook - PDF- Howard A. Frank(Author)
- 2006(Publication Date)
- Routledge(Publisher)
There is a growing sophistication in the use of economic development finance tools and increased pressures for accountability of government and firms receiving incentives. More states and communities have normalized their incentives programs, moving from an ad hoc case-by-case approach to a level of standardization. Yet, there is much room for improvement and, in an increasingly unpredictable environment, incentive programs will become more scrutinized and competitive. 4.7 The Future of Economic Development Finance This section addresses the future of economic development finance from two perspectives: (1) current shortcomings in practice or knowledge, and (2) issues facing communities involved with economic development finance. 104 g The Context of Public Financial Management 4.7.1 Shortcomings in Practice and Knowledge Two interrelated trends will continue to impact economic development finance and practice into the future: (1) the field will continue to evolve and become more professional, and (2) intensified public scrutiny on economic development, economic development finance, and rational economic development practices. These trends will likely lead to experimentation in business–government relations, expanded intergovernmental relations, and greater use of performance evaluation. 4.7.1.1 Professionalizing the Practice in Economic Development Finance Education and training of economic development professionals has progressed considerably in recent years. Most states tout some sort of pro-fessional development for economic development practitioners and/or local elected officials. Ordinarily, a portion of this training focuses on financial issues. Economic development education leaders devote a substantial pro-portion of their curricula to financial issues. For example, the International Economic Development Council offers a professional development series with five core courses, two of which are finance courses (IEDC, n.d.).
- Fatih AYHAN(Author)
- 2021(Publication Date)
- Peter Lang Group(Publisher)
Part 2 Regional Development Assoc. Prof. Fatih Ayhan and Elias Esteban Silva Lecuna 2.1 Conceptual View of Economic Development “Poverty has no causes. Only prosperity has causes. Analogically, heat is a result of active processes; it has causes. But cold is not the result of any processes; it is only the absence of heat. Just so, the great cold of poverty and economic stagnation is merely the absence of economic development”. Jane Jacobs (1969). “The Economy of Cities”. Abstract: Economic development is a concept that a country should realize to reach a high human development level. In the literature there are several theories to explain the proper ways to sustainable development. All these development theories, beyond doubt, try to find a model or indices to diminish the inequalities, achieve the sustainable growth, provide higher living standards for the people and protect the environment. This chapter reviews some of the most prominent theories of the economic development. In this context the aim of this chapter is to examine and compare these theories to enlighten the policymakers. Keywords: Regional development, Poverty, Economic development. 1 Introduction Human development is defined as the process in which a society, based on economic development, comprehensively improves the living conditions of its members. In this sense, human development means not only that individuals have sufficient resources to cover their basic needs, but also that they have ac- cess to health and education systems, adequate levels of personal security, full political and cultural liberties, the ability to cultivate their interests and develop their productive and creative potential, among other things. Economic development is characterized by its heterogeneity and non- uniqueness of criteria around of a set of various approaches. Throughout the evolution of development economics, numerous and distinct theories have emerged.
eBook - PDFDevelopment Finance in the Global Economy
The Road Ahead
- T. Addison, G. Mavrotas, T. Addison, G. Mavrotas(Authors)
- 2008(Publication Date)
- Palgrave Macmillan(Publisher)
4 Political Economy of Additional Development Finance Anthony Clunies-Ross and John Langmore Introduction The world needs more ‘development finance’ in order to facilitate faster growth in the economies of low- and middle-income countries, and for attending to the shorter-term basic material-welfare needs of poor people in poor countries. There are many purposes counting as urgent from a human- itarian point of view that depend on extra funding: vaccination, essential medicines, dehydration doses, clean and accessible water supplies, sewer- age, teachers’ pay, teacher training, emergency food stocks, and with all the transport and skills and administrative infrastructure to bring these bene- fits to fruition. And this is to take no account of the relevance of much of the same infrastructure, or of the immediate welfare benefits themselves, to economic growth and to the increased material capacity that these in turn will bring. Extra development finance may come, first, as extra ‘own-resources’: in the form either of enhanced ‘own-revenue’ for the governments of develop- ing countries, or of enhanced personal disposable income for those of their citizens likely to spend part of the addition on enlarging their productive capacity or ministering to the urgent needs of their families or communi- ties. It may come, second, from voluntary donations, directly or through non-government organizations (NGOs). It may come, third, in the form of official development assistance (ODA), either bilaterally (government-to- government) or in the form of payments from governments to international institutions.
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