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The Market Failure Approach to Regional Economic Development Policy

Author

Listed:
  • Timothy J. Bartik

    (W. E. Upjohn Institute for Employment Research)

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.

Suggested Citation

  • Timothy J. Bartik, 1990. "The Market Failure Approach to Regional Economic Development Policy," Economic Development Quarterly, , vol. 4(4), pages 361-370, November.
    • Handle: RePEc:sae:ecdequ:v:4:y:1990:i:4:p:361-370
    DOI: 10.1177/089124249000400406
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    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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