Handbook of Regional Growth and Development Theories
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Handbook of Regional Growth and Development Theories

Revised and Extended Second Edition

Edited by Roberta Capello and Peter Nijkamp

Regional economics – an established discipline for several decades – has undergone a period of rapid change in the last ten years resulting in the emergence of several new perspectives. At the same time the methodology of regional economics has also experienced some surprising developments. This fully revised and updated Handbook brings together contributions looking at new pathways in regional economics, written by many well-known international scholars. The aim is to present the most cutting-edge theories explaining regional growth and local development. The authors highlight the recent advances in theories, the normative potentialities of these theories and the cross-fertilization of ideas between regional and mainstream economists. It will be an essential source of reference and information for both scholars and students in the field.
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Chapter 25: Institutions and regional development

T.R. Lakshmanan and Ken J. Button

Abstract

The eighteenth-century moral philosopher Adam Smith highlighted the importance of institutions in the economic development processes. The Nobel Prize-winning economist, Ronald Coase re-echoed this in terms of the role of institutions in establishing successful markets. Over the years, socio-economic analysts from Veblen, through Galbraith, to Williamson have concerned themselves with the nature of institutions and their continually changing role in the development process. Regional economic development has, however, received less attention in this. The aim of this chapter is to explore the nature of some of these formal and informal institutional networks, and to examine their roles in the regional growth process. The notion of an institution here is taken as that commonly found in the new institutional economics literature and thus it embodies informal institutions as well as legal institutions.

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