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The Market Failure Approach to Regional Economic Development Policy

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Abstract

This 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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Suggested Citation

  • Timothy J. Bartik, "undated". "The Market Failure Approach to Regional Economic Development Policy," Upjohn Working Papers tjb1990, W.E. Upjohn Institute for Employment Research.
    • Handle: RePEc:upj:weupjo:tjb1990
    Note: Appears in Economic Development Quarterly 4(4): 361-370
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    File URL: http://edq.sagepub.com/content/4/4/361
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    Cited by:

    1. Chester J. Straub Jr. & Kelly Robinson, 2000. "Response to Thornburgh and Hill: The Federal Role in Economic Development," Economic Development Quarterly, , vol. 14(3), pages 257-266, August.
    2. Felsenstein, Daniel & Fleischer, Aliza, 1999. "Capital Assistance and Small Firm Growth: Implications for Regional Economic Welfare," ERSA conference papers ersa99pa395, European Regional Science Association.
    3. 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).
    4. Walter H. Plosila, 2004. "State Science- and Technology-Based Economic Development Policy: History, Trends and Developments, and Future Directions," Economic Development Quarterly, , vol. 18(2), pages 113-126, May.
    5. 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.
    6. Michael Oden, 2000. "Federal Defense Industrial Policy, Firm Strategy, and Regional Conversion Initiatives in Four American Aerospace Regions," International Regional Science Review, , vol. 23(1), pages 25-47, January.
    7. Elsie Harper-Anderson, 2012. "Exploring What Greening the Economy Means for African American Workers, Entrepreneurs, and Communities," Economic Development Quarterly, , vol. 26(2), pages 162-177, May.
    8. Ted K. Bradshaw, 2002. "The Contribution of Small Business Loan Guarantees to Economic Development," Economic Development Quarterly, , vol. 16(4), pages 360-369, November.
    9. Timothy J. Bartik, 2020. "Using Place-Based Jobs Policies to Help Distressed Communities," Journal of Economic Perspectives, American Economic Association, vol. 34(3), pages 99-127, Summer.
    10. Anu Tokila & Mika Haapanen, 2009. "Evaluating Project Deadweight Measures: Evidence from Finnish Business Subsidies," Environment and Planning C, , vol. 27(1), pages 124-140, February.
    11. Kubickova Marketa, 2016. "The Role of Government in Tourism: Linking Competitiveness, Freedom, and Developing Economies," Czech Journal of Tourism, Sciendo, vol. 5(2), pages 73-92, December.
    12. Jeffery L. Osgood Jr. & Susan M. Opp & R. Lorraine Bernotsky, 2012. "Yesterday’s Gains Versus Today’s Realties," Economic Development Quarterly, , vol. 26(4), pages 334-350, November.
    13. Terry F. Buss, 1999. "The Case Against Targeted Industry Strategies," Economic Development Quarterly, , vol. 13(4), pages 339-356, November.
    14. George Korres & Christos Kitsos & Stamatina Hadjidena, 2006. "An Empirical Investigation of Female Entrepreneurship & Innovation Activities in Greece," ERSA conference papers ersa06p29, European Regional Science Association.
    15. 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).
    16. Raimundo Soto, "undated". "Política Fomento Empresarial y Reconversión Laboral: Experiencias Internacionales y el Caso Chileno," ILADES-UAH Working Papers inv109, Universidad Alberto Hurtado/School of Economics and Business.
    17. Stephan Weiler, 2000. "Pioneers and Settlers in Lo-Do Denver: Private Risk and Public Benefits in Urban Redevelopment," Urban Studies, Urban Studies Journal Limited, vol. 37(1), pages 167-179, January.
    18. Joyce Y. Man, 1999. "Fiscal Pressure, Tax Competition and the Adoption of Tax Increment Financing," Urban Studies, Urban Studies Journal Limited, vol. 36(7), pages 1151-1167, June.
    19. Stephan Weiler, 2000. "Information and Market Failure in Local Economic Development: A New Role for Universities?," Economic Development Quarterly, , vol. 14(2), pages 194-203, May.
    20. Roy, Sandip, 2021. "Risk-informed land-use planning in the Indian context: A social cost-benefit analysis," Land Use Policy, Elsevier, vol. 108(C).
    21. Elsie Harper-Anderson, 2008. "Measuring the Connection Between Workforce Development and Economic Development," Economic Development Quarterly, , vol. 22(2), pages 119-135, May.

    More about this item

    Keywords

    market failure approach; regional economic development;

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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