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Income growth in the southwest: implications for long-term development

Author

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  • Robert W. Gilmer

Abstract

Many observers view economic diversification as the antidote for the Southwests boom-and-bust cycles and as the key to long-term economic growth. Robert W. Gilmer addresses this issue by analyzing whether regional growth has been dominated by industry-specific cyclical factors or whether internal factorssuch as labor force quality, infrastructure, and the educational systemhave primarily accounted for long-term growth. ; Gilmers analysis suggests that, for long-term growth, internal factors are more critical than industry mix. Gilmer concludes that policies designed to promote local investment in human and physical capital should be favored over those designed for the specific purpose of diversification. Internal factors are largely what prepare the region for the future.

Suggested Citation

  • Robert W. Gilmer, 1991. "Income growth in the southwest: implications for long-term development," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Nov, pages 1-14.
    • Handle: RePEc:fip:fedder:y:1991:i:nov:p:1-14
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