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INTRODUCTION

Economic development is a term that economists, politicians, and others have used frequently
in the 20th century
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Modernization, Westernization, and especially industrialization are other terms people have used
while discussing economic development
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Whereas economic development is a policy intervention endeavor with aims of economic and
social well-being of people, economic growth is a phenomenon of market productivity and rise
in GDP
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History
Economic development originated in the post war period of reconstruction initiated by the US
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Their food is inadequate, they are victims of disease
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Their poverty is a handicap and a threat both to them and to more prosperous areas
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I believe that we should make available to peace-loving peoples the benefits of
our store of technical knowledge in order to help them realize their aspirations for a better life…
What we envisage is a program of development based on the concepts of democratic fair dealing

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And the key to greater production is a
wider and more vigorous application of modem scientific and technical knowledge
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From the 1940s to the
1960s the state played a large role in promoting industrialization in developing countries,
following the idea of modernization theory
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Neoliberalism emerged in the 1980s pushing an agenda of free trade and removal of Import
Substitution Industrialization policies
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Economic development was concerned in the expansion of people’s entitlements and
their corresponding capabilities, morbidity, nourishment, literacy, education, and other socioeconomic indicators
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Also, economist Albert O
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It has also been argued, notably by Asian and European proponents of infrastructure-based
development, that systematic, long-term government investments in transportation, housing,
education, and healthcare are necessary to ensure sustainable economic growth in emerging
countries
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By addressing technology
directly, to meet customer needs, competitiveness was fostered in the surrounding environment
and resulted in greater economic performance and sustained growth
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GDP does not take into account other aspects
such as leisure time, environmental quality, freedom, or social justice; alternative measures of
economic well-being have been proposed
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These factors are, however, closely related to economic growth so that development and growth
often go together
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The last financial crisis had a huge effect on economies in
developing countries
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This could also add to financial security for small-scale producers
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Such efforts include monetary and fiscal policies,
regulation of financial institutions, trade, and tax policies
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

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 development
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One growing understanding in economic development is the promotion of regional clusters and a
thriving metropolitan economy
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International trade and exchange rates are a key issue in economic development
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Organization
Economic development has evolved into a professional industry of highly specialized
practitioners
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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
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Their role is to seek out new economic
opportunities and retain their existing business wealth
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They include the news media, foundations,
utilities, schools, health care providers, faith-based organizations, and colleges, universities, and
other education or research institutions
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C
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With over 4,500 members across
the US and internationally, serving exclusively the economic development community, IEDC
membership represents the entire range of the profession ranging from regional, state, local,
rural, urban, and international economic development organizations, as well as chambers of
commerce, technology development agencies, utility companies, educational institutions,
consultants and redevelopment authorities
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Development indicators and indices in Nigeria
There are various types of macroeconomic and sociocultural indicators or "metrics" used by
economists and geographers to assess the relative economic advancement of a given region or
nation
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GDP per capita - Growing development population
GDP per capita is gross domestic product divided by midyear population
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It is calculated without making deductions
for depreciation of fabricated assets or for depletion and degradation of natural resources
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Literacy and education
Literacy and education simply means how well the local people of a certain area have access to
education
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The ratio of educated population to uneducated people

Access to healthcare
Social security and pensions
Modern transportation
European development economists have argued that the existence of modern transportation
networks- notably high-speed rail infrastructure constitutes a significant indicator of a country’s
economic advancement: this perspective is illustrated notably through the Basic Rail
Transportation Infrastructure Index (known as BRTI Index) and related models such as the
(Modified) Rail Transportation Infrastructure Index (‘RTI’)
Community competition
One unintended consequence of economic development is the intense competition between
communities, states, and nations for new economic development projects in today's globalized
world
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IEDC places significant
attention on the various activities undertaken by economic development organizations to help
them compete and sustain vibrant communities
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and Sheffrin, S
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(2003)
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Pearson Prentice Hall, Upper
Saddle River, New Jersey
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R
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1998
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New York: Oxford University Press
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The Theory of Economic Development
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pp
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Available at: http://dx
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org/10
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Michael Todaro and Stephen C
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, Pearson
Education and Addison-Wesley (2011)

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