Chapter 10: Modeling Endogenous Regional Economic Development: Measurement, Operational Issues and Conclusions
10.1 INTRODUCTION In this book it has been our proposition that regions inevitably are influenced by their institutions, leadership, and the degree of entrepreneurial activity as mediating or intervening variables that may enhance or detract from their capacity and capability to maximize the effectiveness and efficiency with which they utilize their resource endowments and achieve market fit. All of these factors interact and evolve over time in a manner specific to a city or a region, for the city or region to display a unique set of circumstances and to have achieved a particular outcome state at any point in time and to influence the changing competitive performance of a region over time. The conceptual model framework depicted in Figure 2.3 in Chapter 2 stressed the dynamic uncertainty of reality that confronts regions in the contemporary world. Regional economic development (RED) over time, and the outcome state of those factors and processes that affect RED, might be measured and evaluated through performance indicators relating to: • the competitive performance of a city or region vis-à-vis other places; • the degree of entrepreneurial activity occurring; • the degree to which it has attained sustainable development vis-à-vis the ‘triple-bottom-line’ of growth and performance; namely, economic growth and wealth creation, achieving social equity, and achieving favorable environmental quality outcomes. A way to conceptualize that outcome for a city or region at any point in time, and the progression of its economic development and performance through time, is to envisage its path through the regional...
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