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Asset Fixity, Asset Specificity And Regional Economic Change: Hypothesis And Implications


  • Ward, William A.
  • Hite, James C.


That asset specificity and asset fixity are impediments to economic adjustment is well understood in the literatures of industrial organization and agricultural economics. In this paper, we show that spatial factors can plausible be expected to be arguments in functions that define asset fixity and specificity and, hence, asset fixity may be systematically related to space. The implications with regard to differences across space in rates of adjustment to market signals suggest that the short run is longer in remote than in less remote places, which may prove useful in explaining the behavior of a spatial economic system during times of rapid technological change.

Suggested Citation

  • Ward, William A. & Hite, James C., 1999. "Asset Fixity, Asset Specificity And Regional Economic Change: Hypothesis And Implications," Working Papers 18807, Clemson University, Department of Agricultural and Applied Economics.
  • Handle: RePEc:ags:cuaewp:18807

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    1. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
    2. Amos, Orley Jr., 1988. "Unbalanced regional growth and regional income inequality in the latter stages of development," Regional Science and Urban Economics, Elsevier, vol. 18(4), pages 549-566, November.
    3. Cashin, Paul, 1995. "Economic Growth and Convergence across the Seven Colonies of Australasia: 1861-1991," The Economic Record, The Economic Society of Australia, vol. 71(213), pages 132-144, June.
    4. Cletus C. Coughlin & Thomas B. Mandelbaum, 1988. "Why have state per capita incomes diverged recently?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 24-36.
    5. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-251, April.
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    Cited by:

    1. Artz, Georgeanne M. & Guo, Zizhen & Orazem, Peter F., 2017. "Entrepreneurial Skills in Thick and Thin Markets," ISU General Staff Papers 201707070700001025, Iowa State University, Department of Economics.

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