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Economic diversity and New York State

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Abstract

We consider why broad-based economies have some advantages over their more specialized counterparts. We show that diversity can be a spur to productivity and innovation, and that firms in a region with many types of businesses will enjoy easy access to the resources and services needed for production. In addition, we argue that regions with a broad mix of industries possess a buffer against economic shocks that adversely affect individual industries.

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  • Richard Deitz & Ramon Garcia, 2002. "Economic diversity and New York State," The Regional Economy of Upstate New York, Federal Reserve Bank of New York, issue Win.
    • Handle: RePEc:fip:fednre:y:2002:i:win
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    File URL: https://www.newyorkfed.org/medialibrary/media/research/regional_economy/winter2002.pdf
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    1. Glaeser, Edward L & Hedi D. Kallal & Jose A. Scheinkman & Andrei Shleifer, 1992. "Growth in Cities," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1126-1152, December.
      • Edward L. Glaeser & Hedi D. Kallal & Jose A. Scheinkman & Andrei Shleifer, 1991. "Growth in Cities," NBER Working Papers 3787, National Bureau of Economic Research, Inc.
      • Glaeser, Edward Ludwig & Kallal, Hedi D. & Scheinkman, Jose A. & Shleifer, Andrei, 1992. "Growth in Cities," Scholarly Articles 3451309, Harvard University Department of Economics.
    2. Carolyn Sherwood-Call, 1990. "Assessing regional economic stability: a portfolio approach," Economic Review, Federal Reserve Bank of San Francisco, issue Win, pages 17-26.
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    Cited by:

    1. Sveta Angelopoulos & Ashton de Silva & Yonatan Navon & Sarah Sinclair & Maria Yanotti, 2023. "Economic Resilience in a Pandemic: Did COVID‐19 Policy Effects Override Industry Diversity Impacts in Australia?," Economic Papers, The Economic Society of Australia, vol. 42(2), pages 153-171, June.

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