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Evolutionary Spatial Economics

Understanding Economic Geography and Location Over Time

Miroslav N. Jovanovic

A crucial question in contemporary economics concerns where economic activities will locate and relocate themselves in the future. This comprehensive, innovative book applies an evolutionary framework to spatial economics, arguing against the prevailing neoclassical equilibrium model, providing important concrete and theoretical insights, and illuminating areas of future enquiry.
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Chapter 29: Theory of regional policy

Miroslav N. Jovanovic

Extract

Given that notable spatial concentration of economic activity is the most striking feature of the geography of production, there is clear evidence of some kind of increasing returns to scale. New technologies in select industries may overcome some of the obstacles to the spread of production, but not necessarily very many. Hence, the pattern of regional specialisation and trade can be arbitrary, and potential gains from specialisation and trade are likely to be ambiguous. This provides grounds for some smart public intervention in regional matters even though its effects may be sometimes controversial.

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