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Market-Based Solutions to Vital Economic Issues


Kenan Institute 2024 Grand Challenge: Business Resilience
Market-Based Solutions to Vital Economic Issues
Nov 15, 2015

The Logic of Economic Development: A Definition and Model for Investment


Despite significant public resources devoted to promoting innovation and entrepreneurship, there is little agreement about how to measure outcomes toward 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 toward a neutral role of government as a builder of capacities that enable economic agents, individuals, firms, or communities to realize their potential.

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