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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 30: Objectives and justifications

Miroslav N. Jovanovic

Extract

Regional policy is intervention by the public authorities in order to influence the ‘orderly’ spatial distribution and ‘just’ direction of economic activity, as well as to reduce social and economic differences among regions. Regional policy also attempts to increase the future national gross domestic product, but this goal may often clash with and orderly spatial distribution of economic activity in the short and medium term. It was usually a reactive (ex post) policy that primarily tried to reduce the existing regional disparities, rather than a policy that primarily prevented the creation of new regional disequilibria. A forward-looking policy attempts to boost the competitiveness and profitability of the available local resources and capabilities. It also tries to invite and keep mobile resources from elsewhere that would enhance the future operation and profitability of the locally available mobile and immobile resources, capabilities and potentials.

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