Goals For Economic Development

When thinking about a solution to poverty the general public seems to reason that economic development is the answer. When considering economic development one would need to know the meaning of it. Economic Development is the sustaining of concerted actions of policy makers and communities that promote the standard of living and economic health of a categorical area or community.

Economic development can withal be referred to as the quantitative and qualitative transmutations in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, convivial inclusion, health, safety, literacy, and other initiatives.

Economic development

The first one is Economic Freedom, which is the American traditional of placing a high value on the freedom to make their own economic decisions. An examples of this would be Americans choosing their own occupations, employers, and how we use our money. Business owners like to choose how where and how they produce. Second would be Economic Equality which Americans are believed to have a strong tradition of justice, impartiality, and fairness. An examples of this would be that Americans believe in equal pay for equal work. It is illegal to discriminate on the basis of age, sex, race, religion, disability, etc. Minimum wage is another example where Americans feel people are entitled to at least a basic standard of living. Another is Economic Security in which Americans desire protection from bad economic events layoffs, illness, and recessions. Examples of this type of protection is having unemployment insurance available to people who loses their jobs through no fault of their own, workers compensation plans, and Social Security. All that should help protect people when bad things

This is especially harmful to people on a fixed income. Sometimes high inflation can also discourage business activity which can just become too costly. An example of this is the FED, the American government bank which keeps interest rates low to help control inflation. Additional to these is the Economic Efficiency goal, American believed that because resources are scarce, the factors of production must be used wisely. If resources are wasted fewer goods can be produced, and fewer wants