Essay about Economic Development

771 Words Jul 2nd, 2013 4 Pages
Miranda Levy
May 2013
BUS-110-OM1
Economic Development

Today, economic development is about establishing profitability and a rising standard of living. The core drivers of prosperity is productivity growth, with innovation being the key driver of productivity. The fundamental focus of economic development should be in supporting innovation, increasing the success of American businesses, and guaranteeing American workers have the skills needed in continuing to be the most productive workforce in the world. By encouraging new ideas, technologies, and methods that lead to better jobs with higher wages, innovation will drive the growth of American industry, and, consequently, a much higher standard of living. Currently the prominent
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This means that influence and control will gradually move away from “all-powerful” institutions (such as banks). It is time for communities, private businesses, and even individuals to assume greater responsibility for stimulating economic, social, and commercial development. “The rising popularity of peer to peer lending reflects this trend, with experts asserting that flexible, online lending now provides a viable alternative to traditional banking. While growth within the industry has been accelerated by disillusionment and the banking collapse that triggered the global recession, the efforts of private lenders and campaign groups such as Move Your Money have ensured that just 25% of borrowing is now conducted through banks” (Humphries). The changing nature of business can also be looked at optimistically. Because their ethical standings, level of responsibility, and wider purposes are now extremely influential development factors, businesses are no longer solely concerned with profit. Corporations are progressively eager to build secure legitimacy as they compete to meet the fluctuating demands of employees and consumers. While such a conviction may ultimately empower businesses in 2013, it also introduces society to additional benefits. The search for authentic legitimacy is set to expand as the focus on sustainability gives in to concerns about our health and well-being. Insourcing as the new outsourcing: the United

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