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Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development ...
The fifth-wave of economic development began in the 1990s with a two-fold interest in providing market solutions and regional strategies for development. The idea of a comparative advantage has been integral to the development of the fifth-wave. This wave has been marked by economic developers who work to emphasize unmet demand, function as a ...
Local development is a relatively young theory in social sciences based on the identification and use of the resources and endogenous potentialities of a community, neighbourhood, city, municipality or equivalent. [1] [2] The local development approach considers the endogenous potentialities of territories.
Economic development has existed even at a basic level since the earliest recorded communities. However, in the US and several other countries, the concept of community economic development emerged "in response to tenacious poverty and the need for affordable housing, good jobs, affordable health care and quality of life matters needed for human existence."
Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...
The Strategy of Economic Development is a 1958 book on economic development by Albert O. Hirschman. Hirschman critiques the theories of balanced growth put forward by Ragnar Nurkse and Paul Rosenstein-Rodan , which call for simultaneous, large-scale increases in investment across multiple sectors to spur economic growth.
The U.S. Economic Development Administration (EDA) is an agency in the United States Department of Commerce that provides grants and technical assistance to economically distressed communities in order to generate new employment, help retain existing jobs and stimulate industrial and commercial growth through a variety of investment programs.
Logo of the LEADER initiative. The community-led local development (CLLD) funding approach is a European Union initiative to support the decentralised management of development projects, primarily in rural, but also in coastal and urban areas, by involving relevant local actors, including local organizations and associations, as well as individual citizens.