main aspects of development strategy of city economy

Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. Smith argued against mercantilism and was a major proponent of laissez-faire economic policies. In his first book, "The Theory of Moral Sentiments," Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest.

Smith is also known for creating the concept of gross domestic product GDP and for his theory of compensating wage differentials. The recorded history of Smith's life begins at this baptism on June 5, in Kirkcaldy, Scotland; his exact birthdate is undocumented. Later, Smith enrolled in postgraduate studies at the prestigious Balliol College at Oxford University. After returning to Scotland, Smith held a series of public lectures at the University of Edinburgh. The success of his lecture series helped him earn a professorship at Glasgow University in He eventually earned the position of Chair of Moral Philosophy.

During his years spent teaching and working at Glasgow, Smith worked on getting some of his lectures published. His book, "The Theory of Moral Sentiments," was eventually published in book. Smith moved to France in to accept a more remunerative position as a personal tutor to the stepson of Charles Townshend, an amateur economist and the future Chancellor of the Exchequer. Smith published his most important work, "An Inquiry into the Nature and Causes of the Wealth of Nations" shortened to "The Wealth of Nations" in after returning from France and retiring to his birthplace of Kirkcaldy, Scotland.

Other economists built on Smith's work to solidify classical economic theory, the dominant school of economic thought through the Great Depression. Smith's work discusses the evolution of human society from a hunter stage without property rights or fixed residences to nomadic agriculture with shifting residences. The next stage is a feudal society where laws and property rights are established to protect privileged classes.

Finally, there is modern society, characterized by laissez-faire or free markets where new institutions are established to conduct market transactions. The philosophy of free markets emphasizes minimizing the role of government intervention and taxation in the free markets. Although Smith advocated for a limited government, he did see the government as responsible for the education and defense sectors of a country.

From Smith comes the idea of the "invisible hand" that guides the forces of supply and demand in an economy. Every person, by looking out for themselves, inadvertently helps to create the best outcome for all. By selling products that people want to buy, a hypothetical butcher, brewer, and baker in this economy hope to make money.

If they are effective in meeting the needs of their customers, they will enjoy financial rewards, and while they are engaging in enterprise for the purpose of earning money, they are also providing products that people want. Smith argued that this kind of system creates wealth for the butcher, brewer, and baker, in addition to creating wealth for the entire nation.

A wealthy nation is one that is populated with citizens working productively to better themselves and address their financial needs. In this kind of economy, according to Smith, a man would invest his wealth in the enterprise most likely to help him earn the highest return for a given risk level.Deloitte network, which provides consultancy and advisory services, defines digital economy as the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes.

The backbone of the digital economy is hyperconnectivity which means growing interconnectedness of people, organisations, and machines that results from the Internet, mobile technology and the internet of things IoT. The strategic plans of the national economy are mainly based on the digital economy, as it contributes to creating real opportunities for foreign direct investment. Digital economy in the UAE is being implemented through the adoption of the UAE Strategy for the Fourth Industrial Revolution as one of its aims is to enhance economic security by adopting digital economy and blockchain technologies in financial transactions and service.

The UAE Strategy for the Fourth Industrial Revolution aims to strengthen the UAE's position as a global hub for the Fourth Industrial Revolution and to increase its contribution to the national economy by means of advancing innovation and future technologies.

The strategy will be using three strategic pillars: government efficiency, industry creation, and international leadership. The Council will facilitate transactions within the various sectors of financial and non-financial sectors as well as increase efficiency and reliability levels. The council consists of 46 members, which include government entities, international companies, leading UAE banks, free zones, and international blockchain technology firms.

Read about blockchain in the UAE government. The UAE believes that creating an environment that fosters computational thinking will help developing advanced mindsets which in turn stimulate critical thinking. In addition, it also believes that ICT companies must enhance digital literacy and other skills of the youth.

This can be done by:. The UAE also believes in enhancing the role of young people in achieving a digital economy as the youth are quick to adopt the latest technology. It is to be noted that the UAE is ranked first in the world in the use of information and communication technologies, government efficiency, and coverage of the mobile network in terms of percentage of population.

The UAE is proud to have per cent smart phone usage. Enhancing the role and skills of the youth is one of the ways in which the citizens contribute to a digital transformation. Impact of growth of digital economy. WAM reports that the UAE has accomplished significant achievements during its transition to a digital economy since On the retail front, eCommerce in the UAE is growing rapidly and is playing a major role in expanding sales, while traditional retail sales in the country are slowing down.

The country is expected to further reinforce its position in the digital economy, supported by factors that include developments to eCommerce, improvements to the information technology infrastructure, the increased spread of Internet services, the use of smartphones and the expansion of electronic payment systems, as well as significant government support for digital transformation.

Read how digital technology is transforming Dubai. Before the discovery of oil in the s, the region's economy was driven mainly by nomadic farming, date palm cultivation, fishing, pearling and seafaring. The following table shows the contribution of the economic sectors in the GDP for at real prices of Economic sector.

Sector contribution to the GDP for in per cent.

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On the level of economic diversification and the relative importance of economic activities in the GDP, preliminary estimates indicate that the GDP estimates at current prices of the non-oil sectors amounted to about AED billion, a growth rate of 3.

Despite recent fluctuations in oil prices and the global economic recession, the UAE enjoyed a stable economy. Some of the features of the UAE's economy are:. Thousands of Chinese businesses use Dubai as a hub for trading in Africa. Indian traders use the emirate to access the world. Latin Americans see the country as a launching platform into South Asia. Western nationals use Dubai as a hub for the Middle East.

The UAE maintains strong financial reserves and has a durable banking sector, which makes it safe for investment.Advanced Search. This highly interactive course lets participants work in small teams to help understand the complexity of strategic planning and its challenges. Economic developers must build consensus among board members, stakeholders and the community as a whole, creating a unified vision for the future.

Economic development

Learn techniques to build consensus among stakeholders who represent different values and interests. Also, participants will learn the quantitative techniques used to better understand their community including: location quotients, shift share, input-output and cluster analyses. Explore project assessment methods for setting priorities and measuring your plan's impact. Day 1. Introduction to Planning Why do communities become involved in economic development strategic planning efforts?

This session will examine the benefits of developing an economic development plan and will provide an overview of the various stages in the strategic planning process. The session will also outline the goals and expectations for the course. Participants will be asked to share their experiences from strategic plans efforts they have participated in. Organizing for ED Strategic Planning One of the most important aspects of strategic planning is the pre-planning phase of the process.

Practitioners need to know who the plan is serving and must organize a team that will work together to carry out the process. A great deal of leadership and team building is necessary and the planning team must establish a clear timeline for developing the plan. This session will discuss the values and cultures that the planning team must build upon or establish during formation. Building consensus among planning team members is a major component in the strategic planning process.

The team that is put together must include many different stakeholders representing a number of values and interests. After the pre-planning phase, the practitioner must establish a sense of ownership and consensus among those participating in the planning process as well the general community.

Stakeholders must have ownership of the plan, which means they should play large roles throughout the process. This session will examine various methods to engage stakeholders and keep them involved in the process. Although building consensus may take time, it is imperative if the process is to succeed. Vision, Mission, Goals and Strategies By establishing a clear vision with an understandable mission statement, the team can develop goals in a more effective manner.

This session will discuss this widely overlooked but extremely important phase of the planning process. Leadership involvement, organizing for accountability and starting the prioritization process of projects will be included. Organizational Strategic Planning Once a community's goals are established, it's important to look internally at the capacity of the economic development organization EDO to implement the plan.

Sustainable development

Learn how to put organizational processes and resources in place to meet plan goals. Day 2. Analysis for ED Strategic Planning The next two sessions cover how to both qualitatively and quantitatively evaluate your community. This session will introduce methods with which to do an economic base analysis, including location quotients, shift-share and specialization ratios.

Input-output analysis and cluster analysis will also be discussed briefly. Once attendees have discussed the types of data to collect and the types of analysis that are applicable, how are the data used, interpreted and applied to the future needs of the community?Chris is a registered professional civil engineer and has worked on a more than public and private projects over the last decade. It seems like every other day we hear someone talk about sustainability.

When it comes to describing sustainability in our world, we need to be concerned about three main areas of influence.

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There are three interconnected spheres of sustainability that describe the relationships between the environmental, economic, and social aspects of our world. These spheres are a related set of concepts that, when taken together, can form a solid ground from which major decisions and actions can be made.

Examples of such decisions could include land use planning, surface water management, building design and construction, and even law making. When the concepts contained in the three spheres of sustainability are applied to real world situations, everybody wins. Natural resources are preserved, the environment is protected, the economy isn't harmed, and the quality of life for our people is improved or maintained. Below is a diagram showing the three spheres and how they are related.

Basically what this is saying is that nearly everything we do or plan to do, has an effect on the sustainability of the human race. In a truly sustainable environment, an ecosystem would maintain populations, biodiversity, and overall functionality over an extended period of time.

Ideally, decisions that are made should promote equilibrium within our natural systems and seek to encourage positive growth. Unnecessary disturbances to the environment should be avoided whenever possible. If there is a disturbance, it should be mitigated to the maximum practicable extent.

main aspects of development strategy of city economy

When decisions are made, one part of the discussion should always be the environmental impacts of the proposed outcome or result. There are several items that are directly related to environmental sustainability. One of the concepts that is of the utmost importance is the proper management of our natural resources. Using the Z-squared approach to sustainability, we can minimize our impacts to the environment.

In some cases we can even promote habitat restoration and preservation as means to negotiate a successful solution to a problem. Similar to environmental sustainability, economic sustainability involves creating economic value out of whatever project or decision you are undertaking.By Rolando Y.

Wee on April 25 in Society. Early trade in Southeast Asia started with China and its neighbors trading goods.

The Portuguese settled the Maluku in the 16th century, followed by Spaniards in the Philippines. Although before the 16th century, Southeast Asia was already part of the global trading system with Indians and Arabs controlling the spice trade. The Galleon trade mostly replaced the old trade routes as far as the New World. Spices, honey, and natural products were traded with western goods.

Formal relations were established as trade improved. Soon, many Asians traveled abroad to study and returned to establish businesses in their own countries. The rise of Asian economies began with the Chinese migration to neighboring Asian countries in the 16th century reaching its apex in Together with this migration, industries such as rubber, mining, rice, manufacturing and services prospered. After individual countries had gained their independence, modern industries followed in oil, automobile plants, hi-tech goods, and telecoms leading the economies.

Its export economy accounts for Computers, integrated circuits, and refined petroleum are its main exports. The unemployment rate in was down to 1.

Its export economy is driven by natural gas and oil.

The Economies Of Southeast Asian Nations

Unemployment was 6. Its market economy is driven by its industrialized sector. Its economy is based on manufacturing and services. Unemployment was at 6. Its economy is driven by exports of its natural resources and tourism.

Common themes are mutual cooperation in investment and trade, climate change, energy, environment, regional conflicts, poverty, and oil prices. A second set is composed of Australia and New Zealand. Meetings with the two groups are held separately although some semi-annual meetings are held together. All rights reserved.

What Is Development Economics?

Australia's Most Dangerous Jobs.In the economic study of the public sectoreconomic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP ; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".

Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well.

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The precise definition of economic development has been contested: while economists in the 20th century viewed development primarily in terms of economic growthsociologists instead emphasized broader processes of change and modernization. Economic development implies economic growth plus progressive changes in certain important variables which determine well-being of the people,e.

The concept, however, has been in existence in the West for centuries. ModernizationWesternisation, and especially Industrialisation are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment.

main aspects of development strategy of city economy

Though the concept's origin is uncertain, some scholars argue that development is closely bound up with the evolution of capitalism and the demise of feudalism. Mansell and Wehn also state that economic development has been understood by non-practitioners since the World War II to involve economic growth, namely the increases in per capita incomeand if currently absent the attainment of a standard of living equivalent to that of industrialized countries.

According to Schumpeter and Backhausthe changes in this equilibrium state to document in economic theory can only be caused by intervening factors coming from the outside.

main aspects of development strategy of city economy

Economic development originated in the post-war period of reconstruction initiated by the United States. Induring his inaugural speech, President Harry Truman identified the development of undeveloped areas as a priority for the west:.

There have been several major phases of development theory since Alexander Gerschenkron argued that the less developed the country is at the outset of economic development relative to othersthe more likely certain conditions are to occur. Hence, all countries do not progress similarly. This period was followed by a brief period of basic needs development focusing on human capital development and redistribution in the s. Neoliberalism emerged in the s pushing an agenda of free trade and removal of import substitution industrialization policies.

In economics, the study of economic development was borne out of an extension to traditional economics that focused entirely on national productor the aggregate output of goods and services. Economic development was concerned with the expansion of people's entitlements and their corresponding capabilities, morbiditynourishmentliteracyeducationand other socio-economic indicators.

Hirschmana major contributor to development economicsasserted that economic development grew to concentrate on the poor regions of the worldprimarily in AfricaAsia and Latin America yet on the outpouring of fundamental ideas and models.

It has also been argued, notably by Asian and European proponents of infrastructure-based developmentthat systematic, long-term government investments in transportationhousingeducationand healthcare are necessary to ensure sustainable economic growth in emerging countries.

Economic growth deals with an increase in the level of output, but economic development is related to an increase in output coupled with improvement in the social and political welfare of people within a country.

Therefore, economic development encompasses both growth and welfare values. Dependency theorists argue that poor countries have sometimes experienced economic growth with little or no economic development initiatives; for instance, in cases where they have functioned mainly as resource-providers to wealthy industrialized countries.

There is an opposing argument, however, that growth causes development because some of the increase in income gets spent on human development factors such as education and health.

According to Ranis et al. According to them, the first chain consists of economic growth benefiting human development, since economic growth is likely to lead families and individuals to use their heightened incomes to increase expenditures, which in turn furthers human development. At the same time, the increased consumption and spending, health, education, and infrastructure systems grow and contribute to economic growth.

In addition to increasing private incomes, economic growth also generates additional resources that can be used to improve social services such as healthcaresafe drinking wateretc.This in turn provided over half a million jobs across all skills levels that offer diverse opportunities for diverse communities. Despite the growth of business districts such as North Sydney, Parramatta, Macquarie Park, Olympic Park and the growth corridor to the north-west, the City of Sydney has maintained its pre-eminent role.

This is due to its large economic base including a dense network of globally competitive industries, well-developed infrastructure, good governance, and outstanding amenities and living environment.

Over the past decade our economy has proven its resilience by withstanding both internal and external economic shocks such as the global financial crisis. The number of businesses in the city grew by nearly 4, between and The City's year economic development strategy will help deliver our vision for a dynamic, environmentally sustainable economy and a liveable city that works for residents, workers, visitors and students. The strategic planning of a city involves all levels of government — federal, state and local — working in different but critical spheres.

The City is charged with a responsibility to engage in long-term strategic planning on behalf of the local community, workers, visitors and businesses. Part of our role is to address economic, social, environmental, cultural, civic leadership and land issues in an integrated manner. The overarching aim of our year strategy is to strengthen the City economy and to support business. It centres on further improving the solid foundations for success.

We will achieve this by creating opportunities for individuals, businesses, the community and future generations. This strategy builds upon the broad economic themes in Sustainable Sydney and takes into account contemporary economic challenges.

The strategy takes an integrated approach on the basis of the city's economy being influenced by a range of factors. These include liveability and amenities, access to affordable housing for key workers, child care for parents, and a diverse and well educated community. Other factors include those more commonly associated with the economy such as market access, sector specialisation, innovation and productivity.

It provides the rationale for engaging with priority industry sectors and delivering outcomes through detailed action plans such as retail, tourism, tech startups and the Eora Journey economic development plan.

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Council adopted the City's economic development strategy on 9 December Request an accessible format. Accessibility Navigation Skip to navigation Skip to content. Home Vision Sustainable Sydney Business and economy. Business and economy. Inside this section International business Sydney at night Visitor accommodation. Our role The strategic planning of a city involves all levels of government — federal, state and local — working in different but critical spheres.

Our strategy The overarching aim of our year strategy is to strengthen the City economy and to support business. Last updated: Thursday, 9 April International business Read more about International business.

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