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Economic Development and Education

The definition of economic development is somewhat unclear in the economic literature. Economic development can be viewed as government action to increase economic output through investing in some form of economic growth (e.g., infrastructure, business, defense, or other types of enterprises affecting the population). This action can involve direct investment of tax revenues or indirect investment such as tax cuts for corporations to bring in industry into an area. Government spending has an impact on the economy, and any area of government spending could be connected to economic development. Economic development can be measured by looking at the growth and development of per-capita income, social inclusion, health and safety, literacy, infrastructure, regional competiveness, and other areas. This entry discusses what economic development entails, how it ...

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