Regional Economic Development: Analysis and Planning by Robert J. Stimson, Roger R. Stough, Brian H. Roberts

By Robert J. Stimson, Roger R. Stough, Brian H. Roberts

The thoroughly reedited moment variation of this publication displays fresh advances and provides insightful new fabric. The e-book analyzes neighborhood monetary functionality and alter, and discusses how research integrates with recommendations for neighborhood and nearby financial improvement coverage and making plans. the purpose is to supply the reader with an account of quantitative and qualitative methods to neighborhood fiscal research, and of previous and new strategic frameworks for formulating local financial improvement making plans.

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9). Location theory has proposed that firms locate so as to minimize costs and seek locations that maximize their opportunities to reach markets and, thus to maximize profits. Much of the focus has been on transport costs, labour costs, other production costs, scale of operation, and agglomeration economics. The evolution of transportation and telecommunications technology has rendered distance (time and costs) less of an impediment, enabling industry to become more footloose, and changing modes of organization of production are emphasizing the importance of business networks, strategic alliances and just-in-time delivery systems.

Florida 24 1 Perspectives on Regional Economic Development (2002 and 2005) takes this further arguing that these attributes attract people with high end creative skills that in turn drive and sustain development. Another important factor involving public intervention in regional development relates to physical infrastructure, which is the foundation upon which rest both the internal geographic interaction (mobility) within a region and the external linkage (trade and innovations) of a region to the outside economy.

New growth theory has “originated in the heartland of economic theory” (Maier 2001, p. 115). 5 Some Core Theories and Models of Regional Economic Development 19 nical progress as it generates economic development as an endogenous effect rather than accepting the neo-classical view of long term growth being due to exogenous factors. New growth theory models allow for agglomeration effects (economies of scale and externalities) and for market imperfections, with the price mechanism not necessarily generating an optimal outcome through efficient allocation of resources.

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