Introduction to Regional Economic Development

Introduction to Regional Economic Development

Major Theories and Basic Analytical Tools

Mustafa Dinc

This is a relatively simple and easy to read introduction of major regional and local economic development theories, their theoretical evolution and other relevant topics such as governance, institutions and local leadership within the globalization context. It also discusses some basic analytical tools and provides a template for them in an easy to use MS Excel spreadsheet application. It introduces conflict management procedures into regional development process and provides a regional decision support framework.

Chapter 2: Theoretical evolution of economic development

Mustafa Dinc

Subjects: economics and finance, regional economics, urban and regional studies, regional economics

Abstract

In the search of an explanation for the uneven spatial development issue, regional scientists and geographers have been trying to clarify the role of space and location in economic development and in the changing economic landscape over time. They have developed a range of statistical models and quantitative methods based on the ideas of location early theorists. Since 1980s, the interest in regional development has significantly increased and there have been a number of shifts in the subject with the involvement of institutional economics, economic sociology, cultural theory and most recently evolutionary economics all dealing with different aspects of uneven regional development. This chapter discusses the theoretical evolution of the regional economic development process focusing on the regional endogenous growth theory and its evolution over time; the evolutionary regional economic development process; a new dynamic, evolutionary endogenous regional development model and a proposed extension of it.

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