Perspectives, Measurement and Empirical Investigation
Edited by Robert Stimson, Roger R. Stough and Peter Nijkamp
Chapter 7: An Exploratory Approach to Model Determinants of Endogenous Regional Growth Performance
Robert Stimson and Roger Stough* INTRODUCTION Regional economic development may be viewed both as a process and a product (or outcome). It is a multi-dimensional phenomenon, involving many actors and being influenced by many factors. It seems to defy precise definition, incorporating both quantitative and qualitative dimensions. Further, the study of regional economic development incorporates a concern not only with analysis and modelling, but also a concern for policy and strategy that may facilitate the regional development process and facilitate regional change. The process of regional economic development is certainly dynamic. Over time, various theoretical approaches to theorizing about and modelling regional growth and development have evolved, and, during the last couple of decades, there has been an increasing emphasis on the role of endogenous factors. Stimson et al. (2003) have proposed the notion of the ‘virtuous circle’ as a path to achieving sustainable regional economic development (see Figure 7.1). They suggest that the ‘virtuous circle’ may be maintained through the mediating or intervening effects of factors such as effective leadership as it might be used to change and adjust institutions in order to adapt the structure, processes and infrastructure of a regional economy that is appropriate and needed to meet and anticipate changing circumstances, and to facilitate the optimal use of the region’s resource endowments and to assist industries to tap their full market potential. Stimson et al. (2003) put forward the proposition that: ● strong leadership means a region will be proactive in initiating regional economic development strategy to...
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