Economic Development Essay Examples

The article to be analyzed is titled Economic Development and Jobs from the book Sustainable Communities. The essence of the reading is to indicate sustainability in relation to economic development. Sustainable development has been on the verge of improving the lives of people in the society as it meets their needs through consistency and protection of the natural environment (Todaro & Todaro, 2004). It is essential for the local economy to be strong, as it would help in sustainability of the community as economic development creates jobs, which are used in assisting people to attain their needs. Individuals have to be able to provide themselves the basic needs such as food and shelter before dealing with anything else.
The economy of a nation is driven by the interconnections of regional and local economies. Recent years have given rise to changes in the global economy has been initiated with the shifts happening in the local economies as the major shifts took place in the local and national markets as the trends adjusted (Galbraith, 2004). This made a lot of nations to become competitive ion the market. During this process, numerous local economies lost their significance through loss of income and jobs. In some cases the future of these communities were endangered.
The local governments are expected to initiate a strong local economy which would create a shift in the international and national economy. If the communities create a resilient local economy which has a unique strength in their individuals with strategies that will help them gain economic competitive advantage. The regional niche should be filled with the proposal based on the development of the local economy (Kindleberger, 2005). This would promote partnership between the educators, private sectors, workers and government. Business is seen to the powerful tool used in driving the economy in the society.
The economies also depend on the unique recourses and expertise offered by the private sectors, which taps in the different processes of diverse stakeholders. The stakeholders forge new solutions applicable by the local economies to deal with some of the problems depriving them of growth (Galbraith, 2004). Such type of environment is responsible for the creation of innovation, entrepreneurship and growth of small businesses in marshaling resources found in the community in filling the local economic growth.
The essential element in implementing the economic development of the community is through increasing the diversity of the local economic base through retaining the wealth found within the community. Different communities promote this type of diversity through supporting industries and businesses that are on the apex of development in the opportunities in the economic environment (Todaro & Todaro, 2004). Implementations of economic technologies indicate that there can be cleaner traditional industries and creation of job opportunities in relation to efficient technologies.
This would mean that organizations would have to establish strategies such as investing in resources, which are efficient in improving the profits in small businesses, supporting the eco-industry and implementing mining of solid waste through community based businesses in recycling. The same element will be applicable in creating more jobs through increasing efficiency and economic opportunities (Galbraith, 2004). The article also advocates for a system approach, which instigates a countrywide economic development, which is used promotion of maximum resources and businesses involved in energy efficiency in the region, community and businesses. As the economic growth is being achieved, human needs are also met through environmental performance and efficiency. This type of strategy requires effort and imagination.
There are different forms of economic developments, which can be established. For instance, New York City may come up with ideology of selling newsprints through the municipal recycling program since there is demand for paper. This will be used to create more jobs for the residents and generate income for communities and the municipal council. States and cities implement economic development through public perceptive whereby there will be allocation of limited resources such as labor, land, entrepreneurship and capital (Galbraith, 2004). The allocation of resources results in achieving positive effect in business activities, income distributions, employment and fiscal solvency. This process involves deliberate intervention in the economic growth through making it easier and attractive.
Strategies to be implicated in the economic development need to be crafted through local governments by considering the geographical boundaries and the broad economic sense. Implementation of the economic growth from a local point of view can be attained through two different aspects. The first aspect deals with drawing the distress involved in rural and urban investments in areas that sometimes do not thrive (Todaro & Todaro, 2004). The second aspect involves increasing revenue taxes within the cities instead of taxing the general economic growth and jobs.

Conclusion

Sustainable development has been on the verge of improving the lives of people in the society as it meets their needs through consistency and protection of the natural environment. This would mean that organizations would have to establish strategies such as investing in resources, which are efficient in improving the profits in small businesses, supporting the eco-industry and implementing mining of solid waste through community based businesses in recycling.

References

Galbraith, J. K. (2004). Economic development. Cambridge: Harvard University Press
Kindleberger, C. P. (2005). Economic development. New York: McGraw-Hill.
Todaro, M. P., & Todaro, M. P. (2004). Economic Development and Jobs. New York: Longman.