A Brief History of Economic Growth and Decline
When one considers the various theories of economic growth, economic development, and economic decline sequentially, it is possible to observe an historical trend-line. The characterization of that process and the benefits thus derived led to the Cost Minimization Model of economic growth. Many communities have discovered that conserving and restoring natural resources for outdoor recreation and tourism can be ways to revitalize an economy and to contribute to a more diversified base. Fueling the growth of those industries was a dramatic expansion of the population — the so-called baby boom. Between 1946 and 1964, 76.4 million people were born in the United States. Economic Base Theorists maintain that areas without the necessary attractive features for business attraction could bring them to their communities or develop them from within. This has brought us to modern-day economic development specialists who market their communities to prospective business clients.