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A Comparison of Regional Export Enhancement and Import Substitution Economic Development Strategies

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  • Cooke, Stephen C.
  • Watson, Philip
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    Abstract

    Absent from the economic development literature is a manageable and quantitative analysis that compares regional export enhancement and import substitution strategies. Single sector Leontief and Keynesian models are developed to show how these development strate-gies relate to one another. Both strategies have identical direct effects on an economy, but import substitution increases the indirect effects through additional endogenous purchases, which then increase the output and income multipliers. Assuming identical comparative advantage of both strategies, regional import substitution is found to be at least as good an economic development strategy as regional export enhancement.

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    File URL: http://purl.umn.edu/132457
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    Bibliographic Info

    Article provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.

    Volume (Year): 41 (2011)
    Issue (Month): 1 ()
    Pages:

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    Handle: RePEc:ags:jrapmc:132457

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    Keywords: International Relations/Trade;

    References

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    1. Charles M. Tiebout, 1956. "Exports and Regional Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 64, pages 160.
    2. Chang Seung & Edward Waters, 2006. "The role of the Alaska seafood industry: a social accounting matrix (SAM) model approach to economic base analysis," The Annals of Regional Science, Springer, vol. 40(2), pages 335-350, June.
    3. Holland, David W. & Martin, R.P., 1993. "Output Change In U.S. Agriculture: An Input-Output Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 25(02), December.
    4. Charles M. Tiebout, 1956. "Exports and Regional Economic Growth: Rejoinder," Journal of Political Economy, University of Chicago Press, vol. 64, pages 169.
    5. Douglass C. North, 1955. "Location Theory and Regional Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 63, pages 243.
    6. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May.
    7. Maureen Kilkenny & Mark D. Partridge, 2009. "Export Sectors and Rural Development," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 910-929.
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