From Encyklopedia Administracji Publicznej
LOCAL ECONOMY – in general the term defines activities in the social and economic sphere, which enable achieving local government development by taking advantage of local development factors. It is the process, in which local authorities stimulate the economic growth of a particular territorial unit by utilizing its own resources, which include the local society’s and external partners’ resources and utilization of external partners’ resources (capital). In the functional sense of commune economy it is highlighted that the aim of commune economy is social and economic growth, which is manifested mainly by: continuing improvement of quality of life, inflow of new and stable investments and growth of local inhabitants’ creativity mainly in economic, technological, environmental, spatial, social and cultural innovations. The development effect is the adjustment of commune economy to civilization standards, functioning in its surroundings and simultaneously maintaining and respecting their own local specifics, so called economic-spatial identity. (→ local community; commune; local development) [M. Balcerek-Kosiarz]
Literature: E. Farelnik, W. Wierzbicka, Miejska gospodarka lokalna w ujęciu holistycznym [Local municipal development – a holistic approach][in:] Gospodarka lokalna w teorii i praktyce [Local economy in theory and practice], ed. R. Brol, A. Sztando, A. Raszkowski, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 2014, no 332 ■ J.J. Parysek, Rola samorządu terytorialnego w rozwoju lokalnym [The role of local government in local development] [in:] Rozwój lokalny: zagospodarowanie przestrzenne i nisze atrakcyjności gospodarczej [Local development: spatial planning and niches of economic attractiveness] ed. J.J. Parysek, Poznań 1995.