The Market Failure Approach to Regional Economic Development Policy
In: Readings in Urban Economics: Issues and Public Policy
AbstractThis article argues that regional economic development policies should aim to correct failures of private markets to achieve efficiency. Market failures that may rationalize regional economic development policies include involuntary unemployment, involuntary underemployment, fiscal benefits, agglomeration economies, research spillovers, imperfect human capital markets, imperfect information markets, and imperfect financial markets. Development policies to correct market failures may be evaluated by the nonmarket benefits created for society. The market failure approach focuses policymakers' attention on areas where private market performance is weakest and allows comparisons of development policies.
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This chapter was published in: John P. Blair & Laura A. Reese (ed.) Readings in Urban Economics: Issues and Public Policy, Sage Publications, pages 14-24, 1999.
This item is provided by W.E. Upjohn Institute for Employment Research in its series Book chapters authored by Upjohn Institute researchers with number tjbsage.
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local economic development; urban economics; market failure approach;
Other versions of this item:
- Timothy J. Bartik, 1990. "The Market Failure Approach to Regional Economic Development Policy," Economic Development Quarterly, , vol. 4(4), pages 361-370, November.
- Timothy J. Bartik, . "The Market Failure Approach to Regional Economic Development Policy," Upjohn Working Papers and Journal Articles tjb1990, W.E. Upjohn Institute for Employment Research.
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
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- Timothy J. Bartik, 2002.
"Evaluating the Impacts of Local Economic Development Policies On Local Economic Outcomes: What Has Been Done and What is Doable?,"
Upjohn Working Papers and Journal Articles
03-89, W.E. Upjohn Institute for Employment Research.
- Timothy J. Bartik, 2004. "Evaluating the Impacts of Local Economic Development Policies on Local Economic Outcomes: What Has Been Done and What Is Doable?," Book chapters authored by Upjohn Institute researchers, in: Evaluating Local Economic and Employment Development: How to Access Waht Works Among Programmes and Policies, pages 113-142 W.E. Upjohn Institute for Employment Research.
- Stein Kristiansen, 2003. "Information Asymmetry and Economic Concentration: The case of hens and eggs in eastern Indonesia," Working Papers 03-21, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
- Raimundo Soto, . "Política Fomento Empresarial y Reconversión Laboral: Experiencias Internacionales y el Caso Chileno," ILADES-Georgetown University Working Papers inv109, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
- Stein Kristiansen, 2003. "Linkages and Rural Non-Farm Employment Creation: Changing Challenges and Policies in Indonesia," Working Papers 03-22, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
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