ABSTRACT

Despite repeated attempts to define and measure economic development, the concept remains largely subjective. As Partridge and Rickman (2003) point out, there are no agreed definitions of economic development. They conclude that, “the correct indicator of economic development, or combination of indicators, depends upon the characteristics of the region” (p. 35). In this chapter, we argue that at least part of the reason that there is no agreed indicator of economic development and that different regions require different combinations of indicators is that preferences for development differ from person to person and from place to place.