Editing Economic development (section)

==Economic development policies==
In its broadest sense, policies of economic development encompass three major areas:
* Governments undertaking to meet broad economic objectives such as [[price]] stability, high [[employment]], and [[Sustainable development|sustainable growth]]. Such efforts include [[monetary policy|monetary]] and [[Fiscal policy|fiscal]] policies, regulation of [[financial institution]]s, [[trade]], and [[tax]] policies.
* Programs that provide [[infrastructure]] and [[public services|services]] such as [[highway]]s, [[park]]s, [[affordable housing]], [[crime prevention]], and [[Primary education|K–12 education]].
* [[Job creation]] and retention through specific efforts in business [[finance]], [[marketing]], [[Community development|neighborhood development]], [[workforce development]], [[small business]] development, [[business]] retention and expansion<!-- In economic development, business retention and expansion is a program designed to strengthen the connection between companies and the community while encouraging each business to continue to grow in the community. Through direct interactions, events, and research, the program seeks to gain insight into business practices, planned future actions, as well as the challenges of targeted companies. Then, to turn this "business intelligence" into value-added services, programs, and/or products that address individual and shared company opportunities and problems. -->,<ref>{{Cite web|url=https://brei.org/what-is-bre/|title=What is BR&E?|date=2018-10-23|website=Business Retention and Expansion International|access-date=2019-01-09}}</ref> [[technology transfer]], and [[real estate]] development. This third category is a primary focus of economic development professionals.

Contractionary monetary policy is a tool used by central banks to slow down a country's economic growth. An example would be raising interest rates to decrease lending. In the United States, the use of contractionary monetary policy has increased women's unemployment.<ref>{{Cite journal|last=Seguino|first=Stephanie|date=2019-05-28|title=Engendering Macroeconomic Theory and Policy|journal=Feminist Economics|volume=26|issue=2|pages=27–61|doi=10.1080/13545701.2019.1609691|issn=1354-5701|hdl=10986/28951|s2cid=158543241|url=http://documents.worldbank.org/curated/en/275461512048851974/Engendering-macroeconomic-theory-and-policy |hdl-access=free |s2cid-access=free }}</ref> Seguino and Heintz uses a panel dataset for each 50 states with unemployment, labor force participation by race, and annual labor market statistics. In addition, for contractionary monetary policy, they utilize the federal funds rate, the short-term interest rates charged to banks. Seguino and Heintz Seguino concludes that the impact of a one percentage point increase in the federal funds rate relative to white and black women's unemployment is 0.015 and 0.043, respectively<ref>{{Cite journal|last1=Seguino |first1=Stephanie |last2=Heintz |first2=James |date=July 2012|title=Monetary Tightening and the Dynamics of US Race and Gender Stratification|journal=American Journal of Economics and Sociology|volume=71|issue=3|pages=603–638|doi=10.1111/j.1536-7150.2012.00826.x|issn=0002-9246}}</ref>

One growing understanding in economic development is the promotion of [[business cluster|regional clusters]] and a thriving [[metropolitan economy]]. In today's global landscape, location is vitally important and becomes a key in [[competitive advantage]].{{Citation needed|date=September 2020}}

International trade and exchange rates are key issues in economic development. Currencies are often either under-valued or [[Kemal Kurdas|over-valued]], resulting in trade surpluses or deficits. Furthermore, the growth of globalization has linked economic development with trends on international trade and participation in [[global value chain]]s (GVCs) and international financial markets. The last financial crisis had a huge effect on economies in developing countries. Economist Jayati Ghosh states that it is necessary to make financial support systems in developing countries more resilient by providing a variety of [[financial institution]]s. This could also add to financial security for small-scale producers.<ref>{{cite web|url=http://www.dandc.eu/en/article/globally-harmonised-banking-regulation-does-not-serve-developing-countries-needs|title=Too much of the same|date=January 17, 2013 |publisher=D+C |author=Jayati Gosh |url-status=live |archive-url=https://web.archive.org/web/20231005151411/https://www.dandc.eu/en/article/globally-harmonised-banking-regulation-does-not-serve-developing-countries-needs |archive-date= Oct 5, 2023 }}</ref>

===Organization===
{{main|economic development organization}}
{{unreferenced section|date=September 2020}}
Economic development has evolved into a professional industry of highly specialized practitioners. The practitioners have two key roles: one is to provide leadership in [[Public policy|policy-making]], and the other is to administer policy, programs, and projects. Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public-private partnerships organizations that may be partially funded by local, regional, state, or federal tax money. These economic development organizations function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth.

There are numerous other organizations whose primary function is not economic development that work in partnership with economic developers. They include the news media, foundations, utilities, schools, health care providers, faith-based organizations, and colleges, universities, and other education or research institutions.