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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

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.

Suggested Citation

  • Cooke, Stephen C. & Watson, Philip, 2011. "A Comparison of Regional Export Enhancement and Import Substitution Economic Development Strategies," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 0(Issue 1), pages 1-15.
  • Handle: RePEc:ags:jrapmc:132457
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    File URL: http://ageconsearch.umn.edu/record/132457/files/11-1-1.pdf
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    References listed on IDEAS

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    1. 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.
    2. Charles M. Tiebout, 1956. "Exports and Regional Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 64, pages 160-160.
    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. 0(Number 2), pages 1-13, December.
    4. 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;Western Regional Science Association, vol. 40(2), pages 335-350, June.
    5. Everett E. Hagen, 1958. "An Economic Justification of Protectionism," The Quarterly Journal of Economics, Oxford University Press, vol. 72(4), pages 496-514.
    6. Charles M. Tiebout, 1956. "Exports and Regional Economic Growth: Rejoinder," Journal of Political Economy, University of Chicago Press, vol. 64, pages 169-169.
    7. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May.
    8. Douglass C. North, 1955. "Location Theory and Regional Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 63, pages 243-243.
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    Cited by:

    1. Watson, Philip & Cooke, Stephen & Kay, David & Alward, Greg, 2015. "A Method for Improving Economic Contribution Studies for Regional Analysis," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 45(1).
    2. repec:taf:applec:v:49:y:2017:i:56:p:5686-5697 is not listed on IDEAS

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    Keywords

    International Relations/Trade;

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