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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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Paper provided by W.E. Upjohn Institute for Employment Research in its series Upjohn Working Papers and Journal Articles with number tjb1990.

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Handle: RePEc:upj:weupjo:tjb1990

Note: Appears in Economic Development Quarterly 4(4): 361-370
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Keywords: market failure approach; regional economic development;

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Cited by:
  1. 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.
  2. 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).
  3. 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).
  4. 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.
  5. 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.

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