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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.

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File URL: http://purl.umn.edu/18807
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Paper provided by Clemson University, Department of Agricultural and Applied Economics in its series Working Papers with number 18807.

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Date of creation: 1999
Date of revision:
Handle: RePEc:ags:cuaewp:18807
Contact details of provider: Postal: Clemson, SC 29634-0355
Web page: http://cherokee.agecon.clemson.edu/welcome9.htm

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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. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-51, April.
  3. Cashin, P.A., 1993. "Economic Growth and Convergence Across the Seven Colonies of Australia: 1861-1991," Papers 688, Yale - Economic Growth Center.
  4. 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.
  5. 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.
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