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Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. 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. Consequently, as economist Amartya Sen points out: “economic growth is one aspect of the process of economic development.” Contents[hide] * 1 Term * 2 History * 2.1 Growth and development * 3 Goals * 4 Regional policy * 4.1 Organization * 4.2 International Economic Development Council * 5 Community Competition * 6 See also * 7 References
| Term 
See also Development economics
The scope of economic development includes the process and policies by which a nation improves the economic, political, and social well-being of its people. The University of Iowa's Center for International Finance and Development states that: 'Economic development' is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development.economic development has a direct relationship with the environment. Although no one is sure when the concept originated, most people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism. Mansell and Wehn also state that economic development has been understood since the World War II to involve economic growth, namely the increases in per capita income, and (if currently absent) the attainment of a standard of living equivalent to that of industrialized countries. Economic development can also be considered as a static theory that documents the state of an economy at a certain time. According to Schumpeter (2003), the changes in this equilibrium state to document in economic theory can only be caused by intervening factors coming from the outside. History 
Economic development originated in the post war period of reconstruction initiated by the US. During his 1949 inaugural speech President Harry Truman identified the development of undeveloped areas as a priority for the west: “More than half the people of the world are living in conditions approaching misery. Their food is...
References: 2. ^ O 'Sullivan, A. and Sheffrin, S. M. (2003). Economics: Principles in action. Pearson Prentice Hall, Upper Saddle River, New Jersey. 471pgs.
5. ^ Mansell, R & and Wehn, U. 1998. Knowledge Societies: Information Technology for Sustainable Development. New York: Oxford University Press.
6. ^ Schumpeter, J. & Backhaus, U., 2003. The Theory of Economic Development. In Joseph Alois Schumpeter. pp. 61-116. Available at: http://dx.doi.org/10.1007/0-306-48082-4_3 [Accessed October 19, 2009].
9. ^ Hirschman, A. O. (1981). The Rise and Decline of Development Economics. Essays in Trespassing: Economics to Politics to Beyond. Pp. 1-24
11. ^ Anand, S. & Sen, A., 2000. Human Development and Economic Sustainability. World Development, 28(12), 2029-2049.
12. ^ Anand, S. & Ravallion, M., 1993. Human Development in Poor Countries: On the Role of Private Incomes and Public Services. The Journal of Economic Perspectives, 7(1), 133-150.
13. ^ Smith, Esther (1988-05-05). "DoD Unveils Competitive Tool: Project Socrates Offers Valuable Analysis". Washington Technology.
15. ^ Porter, M. E. (1998). Clusters and the New Economics of Competition. Harvard Business Review. Pp. 77-90.
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