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The logic of economic development: a definition and model for investment

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  • Maryann Feldman
  • Theodora Hadjimichael
  • Lauren Lanahan
  • Tom Kemeny

Abstract

Despite significant public resources devoted to promoting innovation and entrepreneurship, there is little agreement about how to measure outcomes toward achieving the larger objectives of economic development. This paper starts by defining economic development and then considers the role of government, arguing that public policy should focus on building capacities that are beyond the ability of the market to provide. This shifts the debate toward a neutral role of government as a builder of capacities that enable economic agents, individuals, firms, or communities to realize their potential.

Suggested Citation

  • Maryann Feldman & Theodora Hadjimichael & Lauren Lanahan & Tom Kemeny, 2016. "The logic of economic development: a definition and model for investment," Environment and Planning C, , vol. 34(1), pages 5-21, February.
    • Handle: RePEc:sae:envirc:v:34:y:2016:i:1:p:5-21
    DOI: 10.1177/0263774X15614653
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    3. Shailesh Rastogi & Jagjeevan Kanoujiya & Pracheta Tejasmayee & Souvik Banerjee & Neha Parashar & Asmita Dani, 2023. "Environmental Performance and a Nation’s Growth: Does the Economic Status and Style of Governance of a Country Matter?," JRFM, MDPI, vol. 16(10), pages 1-19, October.
    4. Houcine Benlaria & Naeimah Fahad S. Almawishir & Sawssan Saadaoui & Sanaa Mostafa Mohammed Mohammed & Badreldin Mohamed Ahmed Abdulrahman & Ibrahhim Ahmed ELamin Eltahir, 2023. "The Moderating Role of Research and Development (R&D) Support in the Relationship between Entrepreneurship and per Capita Output—A Study on the GCC Countries," Economies, MDPI, vol. 11(6), pages 1-16, June.
    5. Cristinel CONSTANTIN & Adrian MICU, 2018. "A benchmarking analysis of the economic development in Romania and Czech Republic," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 76-85.
    6. Kemeny, Thomas & Osman, Taner, 2017. "The wider impacts of high-technology employment," LSE Research Online Documents on Economics 101854, London School of Economics and Political Science, LSE Library.
    7. Joseph Fineboy Ikechi & Omodero Cordelia Onyinyechi, 2020. "The Nexus Between Government Revenue and Economic Growth in Nigeria," Economics and Business, Sciendo, vol. 34(1), pages 35-45, February.
    8. Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "The Effects of Urbanisation on Green Growth within Sustainable Development Goals," Land, MDPI, vol. 12(2), pages 1-16, February.
    9. repec:arp:sjefsm:2021:p:25-34 is not listed on IDEAS
    10. Rune Dahl Fitjar & Andrés Rodríguez-Pose, 2017. "Nothing is in the Air," Growth and Change, Wiley Blackwell, vol. 48(1), pages 22-39, March.
    11. Kemeny, Tom & Osman, Taner, 2018. "The wider impacts of high-technology employment: Evidence from U.S. cities," Research Policy, Elsevier, vol. 47(9), pages 1729-1740.
    12. Muhammad Azmat Hayat & Huma Ghulam & Maryam Batool & Muhammad Zahid Naeem & Abdullah Ejaz & Cristi Spulbar & Ramona Birau, 2021. "Investigating the Causal Linkages among Inflation, Interest Rate, and Economic Growth in Pakistan under the Influence of COVID-19 Pandemic: A Wavelet Transformation Approach," JRFM, MDPI, vol. 14(6), pages 1-22, June.
    13. Haifeng Qian & Zoltan J. Acs, 2023. "Entrepreneurial Ecosystems and Economic Development Policy," Economic Development Quarterly, , vol. 37(1), pages 96-102, February.
    14. Matt Saboe & Simon Condliffe, 2015. "The Influence of Local Social and Industrial Characteristics on Emergent Entrepreneurship," The Review of Regional Studies, Southern Regional Science Association, vol. 45(3), pages 203-220, Winter.
    15. Mohammad Anhier Al-Froukh, 2021. "Developing in Investment Environment in Jordan from the Perspective of Jordan Investments Commission," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(10), pages 116-116, July.

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