Principles of Economic Development

Economic development is a concept whose definition often depends on who is doing the talking. Economists, elected officials, development professionals, and citizens all are likely to have varying perspectives on the subject.

The basic framework begins with the assumption that the object of development is to create wealth, whether on a national, regional, or local level. However, it is here that the many perspectives diverge. As a background, the SLPP developed 10 Principles in Economic Development.

The fundamental purpose of economic development policy should be to increase productivity in order to bring economic benefits to an area. The principles listed below serve as an organizing framework for thinking about the economic development process. They fall within four general categories:

Goals: The underlying purpose of economic development efforts.
Scope: The outlook guiding your work.
Organization: The scale or structure of your work.
Process: The management of program activities.

Each principle below links to an explanation of its relevance.

For more information on these principles and economic development, see the following reports: