Community Economic Development Essay

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Torres, Maria
CED 301 Midterm

Development and growth go hand-in-hand in the field of Community Economic Development. Community economic development is a field of study that actively elicits community involvement when working with government, and private sectors to build strong communities, industries, and markets (Riley, 2012).
Economic Development applies to the context of people’s sense of right and wrong. The definition given by Michael Todaro suggests it is an increase in living standards, improvement in self-esteem, needs and freedom from oppression as well as greater choice; whereas economic growth is necessary, but not a condition of economic development. Community economic development exists in all developed countries but varies …show more content…

However, growth relates to a gradual increase in one of the components of consumption, government spending, investment, and net exports. Lastly, economic development is concerned with structural changes in the economy, whereas, growth is concerned with increase in the economy’s output.
According to Daniel Altman, employment increase creates growth, not the other way around. I found this statement interesting because after analyzing the statement and thinking of what it actually means, one can understand that where there is an increase in employment there will be in increase in production and services. Moreover, structural unemployment occurs because of an absence of demand for a certain type of workers with a certain type of skillset. This typically happens when there are mismatches between the skills employers want and the skills that workers have. Lastly, joblessness causes low consumption which in turn causes low growth.
Community Economic Development is not just about jobs and income. For example, a type of employment in community economic development involves those in implementing a Community Economic Development Plan and these employees serve in different functions, as plans vary from community to community. Such employees will create studies to determine what a certain community’s goals are and send them to the appropriate municipal offices or economic development committees. Community economic development

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