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Economic Development: A Definition and Model for Investment
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Abstract: Despite significant public resources devoted to promoting innovation and
entrepreneurship there is little agreement about how to measure outcomes towards achieving the
larger objectives of economic development. This paper starts by defining economic development
and then considers the role of government, arguing that public policy should focus on building
capacities that are beyond the ability of the market to provide. This shifts the debate towards a
neutral role of government as a builder of capacities that enable economic agents, individuals,
firms or communities to realize their potential.