Transcription of Regional Economic Development: A Review
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Regional Economic Development: A Review
WP1/03 SEARCH WORKING PAPERR egional Economic development : Andrea Ascani, Riccardo Crescenzi, Simona IammarinoJanuary 2012A Review Regional Economic development : A Review Andrea Ascani, Riccardo Crescenzi, Simona Iammarino Department of Geography and Environment London School of Economics and Political Science Email: Abstract This Review offers an analysis of the main concepts explored in the Regional and local Economic development literature. We start by explaining the rationale for a Regional approach to development in a context of growing internationalisation of the world economy. Therefore, the relevance of local social and institutional characteristics is discussed by arguing that favourable conditions for development are the result of a highly context specific combination of rules, norms and social relations which encourage and facilitate knowledge diffusion and exploitation mostly on a localised basis.
Later in the 1980s, endogenous growth theorists argued that technological change is at the core of economic growth processes and highlighted the importance of investment in human capital (Romer, 1986; Lucas, 1988; Grossman and
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