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Industrial Diversification In Nonmetropolitan Counties And Its Effect On Economic Stability

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  • Smith, Stephen M.
  • Gibson, Cosette M.

Abstract

Applying indexes of economic instability and industrial diversification to Idaho's forty-three nonmetropolitan counties, this paper tests the hypothesis that unemployment is more stable in a more diverse economy. While results support the hypothesis, other aspects of a county's economic structure are just as influential. Indiscriminate diversification will not necessarily bring economic stability.

Suggested Citation

  • Smith, Stephen M. & Gibson, Cosette M., 1988. "Industrial Diversification In Nonmetropolitan Counties And Its Effect On Economic Stability," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(2), pages 1-9, December.
    • Handle: RePEc:ags:wjagec:32109
    DOI: 10.22004/ag.econ.32109
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    References listed on IDEAS

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    1. Victor R. Fuchs, 1968. "The Service Economy," NBER Books, National Bureau of Economic Research, Inc, number fuch68-1, May.
    2. Attaran, Mohsen, 1986. "Industrial Diversity and Economic Performance in U.S. Areas," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 20(2), pages 44-54, July.
    3. John R. Kort, 1981. "Regional Economic Instability and Industrial Diversification in the U.S," Land Economics, University of Wisconsin Press, vol. 57(4), pages 596-608.
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    1. repec:rre:publsh:v:35:y:2005:i:1:p:64-79 is not listed on IDEAS
    2. J. C. Dissart, 2003. "Regional Economic Diversity and Regional Economic Stability: Research Results and Agenda," International Regional Science Review, , vol. 26(4), pages 423-446, October.
    3. Bokun, Kathryn O. & Jackson, Laura E. & Kliesen, Kevin L. & Owyang, Michael T., 2023. "FRED-SD: A real-time database for state-level data with forecasting applications," International Journal of Forecasting, Elsevier, vol. 39(1), pages 279-297.
    4. Ashley Poston & Brian E. Whitacre, 2014. "How Specialized is “Too” Specialized? Outmigration and Industry Diversification in Nonmetropolitan Counties across America," Journal of Economic Insight, Missouri Valley Economic Association, vol. 40(2), pages 37-63.
    5. McFarlane, Jim A. & Blackwell, Boyd D. & Mounter, Stuart W. & Grant, Bligh J., 2016. "From agriculture to mining: The changing economic base of a rural economy and implications for development," Economic Analysis and Policy, Elsevier, vol. 49(C), pages 56-65.
    6. Alley, Ibrahim, 2018. "Oil price and USD-Naira exchange rate crash: Can economic diversification save the Naira?," Energy Policy, Elsevier, vol. 118(C), pages 245-256.
    7. Hasan Engin Duran, 2015. "Regional Employment Volatility In Turkey: Causes And Consequences," Working Papers 2015/06, Turkish Economic Association.
    8. Andrey GNIDCHENKO, 2011. "Defragmentation Of Economic Growth With A Focus On Diversification: Evidence From Russian Economy," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 2(1), pages 44-80.
    9. Monica Mihaela MAER MATEI & Ana-Maria ZAMFIR & Cristina MOCANU, 2018. "Labour Market Resilience- Comparative Evidence From Romanian Counties," Network Intelligence Studies, Romanian Foundation for Business Intelligence, Editorial Department, issue 11, pages 59-66, July.
    10. Meriem Djennas & Mohamed Benbouziane & Mustapha Djennas, 2012. "Labor Market Structure, Foreign Trade Competitiveness and Economic Growth in Eurozone," Book Chapters, in: João Sousa Andrade & Marta C. N. Simões & Ivan Stosic & Dejan Eric & Hasan Hanic (ed.), Managing Structural Changes - Trends and Requirements, edition 1, volume 1, chapter 26, pages 471-487, Institute of Economic Sciences.
    11. Wojan, Timothy R. & Lackey, Steven Brent, 2000. "Manufacturing Specialization in the Southeast: Rural Necessity, Rural Possibility, or Rural Vestige?," The Review of Regional Studies, Southern Regional Science Association, vol. 30(2), pages 167-187, Fall.
    12. Saheum Hong & Yu Xiao, 2016. "The Influence of Multiple Specializations on Economic Performance in U.S. Metropolitan Areas," Sustainability, MDPI, vol. 8(9), pages 1-16, September.
    13. Madalina Ecaterina Popescu & Eva Militaru & Amalia Cristescu & Maria Denisa Vasilescu & Monica Mihaela Maer Matei, 2018. "Investigating Health Systems in the European Union: Outcomes and Fiscal Sustainability," Sustainability, MDPI, vol. 10(9), pages 1-28, September.
    14. Wenli Yan & Douglas A. Carr, 2013. "Federal Environmental Regulation Impacts on Local Economic Growth and Stability," Economic Development Quarterly, , vol. 27(3), pages 179-192, August.
    15. Bienvenido S. Cortes & Michael Davidsson & Michael McKinnis, 2015. "Growth And Volatility Of Micropolitan Statistical Areas In The U.S," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 9(4), pages 89-102.
    16. Smith, Stephen M. & Miller, Kathleen, 2001. "Successful Adjustment to Economic Restructuring in the Nonmetro Northeast: 1950-1990," The Review of Regional Studies, Southern Regional Science Association, vol. 31(2), pages 121-147, Fall.
    17. Nakorji Musa & Oji-okoro Izuchukwu & Seyi Saint Akadiri, 2024. "Assessment of exchange rate determination in a mono-resource economy: A case of Nigeria," Journal of Economic Analysis, Anser Press, vol. 3(2), pages 101-120, June.
    18. Todd M. Gabe, 2007. "Local Economic Instability and Business Location: The Case of Maine," Land Economics, University of Wisconsin Press, vol. 83(3), pages 398-411.

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