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Principles of Economic and Community Development

by: Samir Bogisich IV

Principles of Economic and Community Development AECO 4080

Marketplace > University of North Texas > Economcs > AECO 4080 > Principles of Economic and Community Development
Samir Bogisich IV
GPA 3.77

Terry Clower

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Terry Clower
Class Notes
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This 5 page Class Notes was uploaded by Samir Bogisich IV on Sunday October 25, 2015. The Class Notes belongs to AECO 4080 at University of North Texas taught by Terry Clower in Fall. Since its upload, it has received 12 views. For similar materials see /class/229117/aeco-4080-university-of-north-texas in Economcs at University of North Texas.


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Date Created: 10/25/15
AECO 4080 Economic amp Community Development What is economic and community development Economic Development Definitions WHAT 0 Process over time not an event 0 Enhanced quality of life for citizens Rising standard of living 0 New community and business wealth Economic Development De nitions gt HOW Examples Help regional economies grow diversify remain stable Capitalize on location Strengthen innovation entrepreneurship competitiveness Minimize poverty maximize opportunities Make productive use ofcommunity or rm assets Enhance in 39astmcture to support growth Facilitate corporate investments Broaden tax base to support local government De nMons Local economic development is the process by which localities enhance the quality of life of their residents and the local tax base by creating new community and business wealth through the creation expansion and retention ofjobs IEDC De nMons Finding sustaining and capitalizing upon locational advantage to create wealth and minimize poverty W Graham Toft Growth Economics De nMons The goal of all economic development programs should be to promote a rising standard of living for all citizens and move regional economies to a more diversified stable economic base Specifically federal economic development programs should Definitions Increase the productivity and wealth ofthe economy by encouraging and strengthening innovation entrepreneurship and competitiveness A governing principle should be to maximize the competitiveness of areas for the purpose of adding to the nation s overall economic productivity thereby creating more jobs Definitions Empower regions and communities with chronically high unemployment low per capita income and low rates of private sector investment to share in economic opportunity Federal policy and programs should enable regions communities and citizens to participate more fully in the American Dream and national prosperity David Sampson Core Activities gt Threelegged stool 0 Business attraction and recruitment 0 Business retention and expansion 0 Business creation and startup Site Location Factors 1Availability of skilled 16 Close to suppliers labor 20 Availability of 2 Labor costs unskilled labor 3 Tax exemptions 22 Training programs 4Statelocal 23 Proximity to incentives technical university 5Highway accessibility 7Proximity to major Suurce Area Develupment Curpurate Survey Dee 2mm Classic Tensions in Economic Development gt Equity vs Efficiency gt People vs place Local Economic Development The Basics gt No single model effort strategy process or set of programs for achieving local economic development gt Communities differ widely in their geographic attributes social organization economic resources structures and performance and capacity of political institutions gt Responding to unique set of challenges for economic development in each community Growth vs Development gt What is economic growth gt What is economic development


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