What Is The Road Map To A Successful and Sustainable Economy?
In the academic study of the public economy, social and economic development is usually the term used to refer to the process by which a country, region, community, or even an individual’s personal well-being and standard of living are improved as a result of targeted objectives and goals. The idea behind this concept is that development occurs when individuals living in a community benefit from the creation or accumulation of private property, goods, services, and resources. Those who benefit most include the residents of the community and those who are economically successful. Those who are most likely to experience poor well-being or low levels of development are people who live in low-income neighborhoods, racial or ethnic minority groups, single-parent families, and women.
Economic development also includes the process by which people’s needs are provided for. For instance, a nation’s natural resources might be far more developed than many nations’ human development outcomes. When the human population lives in an environment that provides basic needs like clean drinking water, shelter, health care, education, safety, jobs, and recreational activities, they will experience above average rates of well-being or development. However, if these needs are not provided, human development will stagnate or even decline. For instance, many developing nations experience significant poverty and less access to basic amenities but their adult literacy rates are higher than those of industrialized nations.
A successful development agenda must include both public and private sector investments. Private sectors can be expected to play a greater role in the sustainable development process because they can create jobs, provide the infrastructure needed to support businesses, and provide consumers with affordable products and services. Ultimately, governments can provide investment and incentives for businesses to develop sustainable projects in the community that will improve the conditions for the individuals most in need. Through collaboration between government, business, and non-profit organizations, sustainable development can be achieved by everyone. Through the adoption of policies that promote quality affordable housing, improved access to quality health care and education, and access to reliable and affordable energy, future generations will have an affordable way of life.