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What should Policy Makers Learn from Recent Advances in Growth Theory and New Economic Geography?

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Author Info
Edgar Morgenroth () (Economic and Social Research Institute (ESRI))

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Abstract

During the last decade issues such as growth and convergence, core-periphery structures, and regional development have come to the forefront in policy circles. At the same time as political concerns about regional development increased, new theories of economic growth and economic geography were developed. This paper provides a brief review of this literature and attempts to draw out some policy conclusions. The most fundamental policy implication of the models discussed above is that one needs to understand the mechanisms that determine growth and the location of economic activity. The endogenous growth literature highlights the role of externalities and spillovers which require that governments fulfil the important role to ensure that the engines of growth are supplied at the optimal level. The major contribution of the new economic geography is that it shows that concentration and the emergence of cities is a natural outcome of market interaction.

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File URL: http://www.esri.ie/UserFiles/publications/20070209141155/WP150.pdf
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Publisher Info
Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP150.

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Length: 34 pages
Date of creation: Jun 2003
Date of revision:
Handle: RePEc:esr:wpaper:wp150

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Related research
Keywords: Endogenous Growth; New Economic Geography; Regional Policy;

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Find related papers by JEL classification:
O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Regional, Urban, and Rural Analyses
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
R12 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
R58 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Regional Development Policy

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