Pdf local economic development in theories of regional. Overview and policy challenges congressional research service congress faces a number of challenging policy issues relative to trade and the impact of trade agreements on the u. It addresses the economic aspect of the regional problems that are spatially analyzable so that theoretical or policy implications can be derived with respect to regions whose geographical scope ranges from local to global areas. Imagine that a car manufacturer is planning to build a car distribution center in the greater cincinnati metropolitan region. Regional economic development analysis and planning. The basic question of regional economics is why does economic activity take place where it does. Regional and urban economics and economic development. Section 5 provides an analysis of the key features of regional innovation systems in relation to ict production and usage. Download limit exceeded you have exceeded your daily download allowance. Regional economic integration in west africa diery seck. This collective decisionmaking can cover a varying number of functional areas scope.
Xxiv customs union 6 8 customs union accession 0 6 economic integration agreement 80 economic integration agreement accession 3 free trade agreement 10 158 free trade agreement accession 0 1. Location theory and regional economic growth journal of. Working papers why regional development matters for europes. It implies the elimination of economic boarders between countries. Issues and realities 41st isocarp congress 2005 3 examination of a number of physical, social, economic and environmental aspects of the building site and the neighboring sites. A read is counted each time someone views a publication summary such as the title, abstract, and. Adb working paper series on regional economic integration. Bela balessa, the theory of economic integration london george allen and unwin, 1969 p. But human progress is not an automatic consequence of economic growth. In general,the importance of local specificities has increased rather than being marginalised in a context of increasing globalisation and functional economic integration storper, 1995. Definition of economic integration the combination of several national economies into a larger territorial unit. Part i hypotheses and factors in the analysis of regional onomic growth the purpose of part i is to put forward a set of useful concepts and. Applications to current urban and regional policy issues.
Regional economics is a subdiscipline of economics and is often regarded as one of the fields of the social sciences. Students in this class are expected to gain technical literacy and proficiency in the use of economic theory and language to address economic development, planning, and public policy challenges while also appreciating the relationships to other development approaches. The issues of monetary coordination, foreign exchange volatility, taxation, savings and macroeconomic convergence are investigated from a regional perspective. These challenges include assessing the quality of data on trade and what, if any, additional resources. The importance of regional economic integration in africa by.
It has also extended its geographical coverage to cover six more. This pdf is a selection from an outofprint volume from the national bureau of economic research. These are three apparently distinct strands of economics, yet they have a common motivation. The region is considered in the spatial economic hierarchy recognising the local and urban economy and the interaction with national and european community economies.
Location theory and regional economic growth, journal of political economy 63. Pdf an economic theory of regional clusters pierre. Regional and local economic analysis for practitioners. Ict diffusion, innovation systems, globalisation and.
Efforts to develop a coherent theory emerged in the 1950s and 60s need to rationalize the interests and activities of planning under conditions of social foment the social sciences as a more broadly based interpretive lens role of history and theory in understanding planning 1. Strategically, this would be a good choice for the car manufacturer, given that interstate highway 75 175 is the main artery of the national car industry and ohio lies in the midst of it. Index which represents the welfare position of regions handbook of regional growth and development theories. Within the two last decades the organisation has transformed from a development conference into a development community and is nowadays called sadc. This is the most basic form of economic cooperation. Local economic development in theories of regional economies and rural studies local economic development in theories of regional economies and rural studies bahrija kacar1, jasmina curic2, selma ikic3 summary in this paper is a detailed analysis of the basics in the theory of economic development during.
There has been a lot of controversy among economist about the true content of economic theory or its subject matter. In entrepreneurship, firm growth, and regional development in the new economic geography. The basic product theory, which explains longterm factors of economic growth, refers to the concept of economic base. Africa, but also to start the process of regional political and economic integration between these socalled frontline states. There are four main types of regional economic integration. In its concern for regional disparities in social and economic wellbeing, and in its recognition of the need for a well balanced regional proach to the problem, this act exemplifies a new sense of regionalism in nat. Understanding your regional economy the economic base. Readings analyzing and accounting for regional economic. Economists and other social scientists jealously guard their right to define concepts as they see fit. Understanding your regional economy the economic base theory.
Working papers why regional development matters for. Section 6 discusses the interactions between ict and globalisation and their consequences on firms organisational structures, location of economic activities, and economic performance. The text covers regional economic theory and policy appropriate for students of economics, economic geography, planning, estate and land management courses. The textbook is divided into four sections for ease of reference. Conceptual foundations, classic works, and recent developments. Michael elliott, school of city and regional planning, georgia tech february 7, 2014 1. Economic integration theories and the developing countries. Theory, methods, and issues tools and methods of regional economics, including supply, demand, and externality analyses.
A relatively loose definition may be better for comparative studies. Theories and approaches introduction the devastation and havoc brought by world war ii forced politicians, thinkers and humanists to think seriously about the means that should be adopted in the relations among the nations that could significantly reduce the. The second stage includes the new economic integration. Economic integration theory goes through two development stages each of which addresses the relevant for its time political and economic context the first stage is regarded as classic theory or static analysis and includes the traditional theories of economic integration that explain the possible benefits of integration. Recent changes in interregional inequality require reconsidering the usual frameworks underlying policy, and especially the standard peopleversusplace division in policy formulation. The assumption that there is a uniquely correct or at least a uniquely appropriate definition of economic growth, openly invites a very fundamental type of criticism. Theory the basic theory of regional integration customs unions versus unilateral tariff reduction customs unions versus free trade areas common markets and economic unions economic integration amongst developing nations macroeconomics of integration economic. The book is about the analysis of regional economic performance and change, and how analysis integrates with strategies for local and regional economic development policy and planning. A statewide and regional analysis introduction to economic base theory analysts have at their disposal many tools when it comes to analyzing regional economies. There is now a fairly well accepted body of theory regarding the normal sequence of development stages in a region. International integration theories regional scenarios diego castaneda garza 970077 itesmsal august 19 2006 international integration is a process by which countries remove the barriers to free trade and the free movement of people across national borders, with the goal of reducing the tensions that can lead to international conflict. The recognized purpose of any development is social investment. Pdf an economic theory of regional clusters pierre picard. However, it seems fair to say that collective decisionmaking is an important aspect of all regional integration efforts.
Theory the basic theory of regional integration customs unions versus unilateral tariff reduction customs unions versus free trade areas common markets and economic unions economic integration amongst developing nations macroeconomics of integration economic integration amongst centrally planned. Pdf land use changes in regional economic theory anne. A hierarchy of regional economic arrangements free trade area customs union common market economic union. The series is a quickdisseminating, informal publication that seeks to. The appalachian regional development act of 1965 represents one attempt to achieve a broad regional view. Apr 30, 2011 what is regional economic integration. In the first section, the author analyzes the theories of economic growth, such as schumpeters, lewiss and rostows theory. Decision theory, political science, negotiation theory, public participation 272014 4 2. The adb working paper series on regional economic integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. Regional economics an overview sciencedirect topics.
First, the book provides the reader with an overview of key theoretical and conceptual contexts within which the economic development process takes place. Regional economic integration has enabled countries to focus on issues that are relevant to their stage of development as well as encourage trade between neighbors. The regional theories and policies had changes in the last time in their attempt to meet the new challenges triggered by the expansion of the european community. The subject matter of economics or economic theory has been variously defined. Regional integration theory seeks to explain the establishment and development of regional international organizations. One of the oldest and still widely used analytical tools used by. Theory of economic integration preferential trade agreements and the multilateral trade system. The concept is not static in nature, but refers to complex spacetime. Pdf land use changes in regional economic theory anne van.
This will be possible by ensuring that the importance of regional economic integration is spelt out and understood by all the necessary role players. Location and trade were already regarded by the grandfather of economics, adam smith, as two interwoven phenomena. The first section, market areas and firm location analysis introduces spatial economics and location. Introduction modern growth theory has devoted substantial attention to the search for the determinants of economic growth by means ofaggregated models. In addressing questions about why businesses and people choose to locate where they do, and why some places thrive and others dont, we look at the influences of policy and rules, spatial dimensions of cost and utility decisions, and the importance of social and professional. Location theory forms a central element in regional economics and economic geography. What economic corridors can achieve for regional economic integration depends first on what characteristics the specific existing economic networks in which the economic corridors are embedded. According to the theory, regional development is achieved through gradual specialisation of selected products, competitive on the foreign markets. Thorough and authoritative, regional and urban economics and economic development. Regional economic development in theory and practice richard m.
The theory of economic integration was originally developed from traditional trade theory. Location theory and regional economic growth, journal of political economy 63, no. This book presents a number of key studies pertaining to the most pressing challenges of economic regional integration in west africa. Preface and acknowledgements general introduction experience with regional integration part i. According to adam smith economics enquires into the nature and causes of the wealth of nations. Theory and methods provides students with a sound approach to analyzing the economic progress of a region or urban area.